Nottingham Commercial Office Market Review 2011

Page 1

NOTTINGHAM

THE

NOTTINGHAM COMMERCIAL OFFICE MARKET

NET TRAM LINE

REVIEW 2011 LD SFIE MAN

THE

NOTTINGHAM

ST

OFFICE FORUM

STH SH ERWOO D S

in partnership with

TREE T

R

LOWER PARLIAMENT ST

O BR

AN

UPPE

NT ST

E PARLIAM

CR

DE RB YR D

OK ST BELWARD ST

IAN

R MA ID

MA Y WA

COLLIN ST

The Nottingham Office Forum consists of: Chesterton Humberts

QUEEN'S RD

WATERW AY ST W

DTZ Fisher Hargreaves Proctor Geo Hallam and Sons HEB Innes England Invest in Nottingham Jones Lang LaSalle Lambert Smith Hampton Lorne Estates NG Chartered Surveyors

PROPOSED TRAM LINE

Nottingham Regeneration Limited Nottingham City Council Savills Salloway www.nottinghamofficereview.co.uk

RIVER TRENT

LONDON RD

E.ON Offices, Guildhall

WIL FOR DR D

L ST CANA


Reasons to invest in Nottingham

Nottingham Office Forum – About Us

• 8th largest recruitment catchment in the UK The Nottingham Office Forum, created in 2010, brings together the city’s commercial property professionals, planning and development experts and specialist consultancies. The aim of the forum is to create a coordinated voice to investors, developers and occupiers about Nottingham’s office market.

• Over 1.1 million people in the journey to work area

This is the second Nottingham Commercial Office Review which provides an essential update for occupiers, investors and property market professionals on the office market activity during the previous year in the Nottingham Office Core

• Cutting edge global digital infrastructure

www.nottinghamofficereview.co.uk

• Over 98% of the UK market within a 4 hour drive of the city • Access to 55,000 students studying at Nottingham’s two universities • Home to global businesses including Capital One, Experian, Alliance Boots, Speedo and E.On • A leading Science City in the UK with research excellence in BioSciences, Low Carbon Technologies and Digital Media • Award winning integrated transport network with two new tram lines under construction • Top 6 retail destination • The UK’s most energy self-sufficient city

Nottingham City Council, Loxley House

Maid Marian House

Major Office Occupiers

The Pod

Phase 2 Southreef Hilary Developments Kingsgate House Eastside Former Hartwell Ford Site Unity Square The Portal Sentinel

Alliance Boots Browne Jacobson Capital One Deloitte Domestic and General Driving Standards Agency E.On Experian Gala Coral Group Geldards HM Revenues and Customs KPMG Nottingham City Council Potter Clarkson RSM Tenon Specsavers Speedo

Phase 2 Southreef Hilary Developments Kingsgate House Eastside Former Hartwell Ford Site Unity Square The Portal Sentinel

Canal Street London Road Castle Bridge Road London Road London Road Meadows Way Queens Drive Wilford Road

Park Row Talbot Street Talbot Street The Ropewalk Talbot Street

4,737 1,480 2,214 8,367 30,304 47,102 sq.ft.

All content provided in this document is believed to be correct at the time of going to press

PI PEL I NE

CHA NGE OF US E Phase 2 Southreef Hilary Developments Kingsgate House 20 Eastside 89 Former Hartwell Ford Site 93 Unity Square Griffin House The Portal Sentinel Bowman House

Canal Street London Road CastleRow Bridge Road Park London Road Talbot Street London Road Talbot Street Meadows Way The Ropewalk Queens Drive Wilford Street Road Talbot

89,998 50,000 15,306 4,737 1,409,589 1,480 202,094 290,628 2,214 149,996 8,367 98,65230,304 2,306,263 sq.ft.

120,000 100,000

Unity Square, Southside Business District

80,000 60,000 40,000

20 89 93 Griffin House Bowman House

Park Row Talbot Street Talbot Street The Ropewalk Talbot Street

4,737 1,480 2,214 8,367 30,304 47,102 sq.ft.

2011 Deals by Quarter sq.ft. 120,000

80,000 120,000

60,000

100,000

Working age population: 767,850

40,000

80,000

20,00060,000

Service sector employment: 231,400

040,000 20,000 0

Q1

Q2 Q1

Q2

Q3 Q3

Q4 Q4

2011 Deals by Grade sq.ft. 21,351 21,351

65,123

A

A

B

B

C

C

65,123

165,294 165,294

20,000

2011 Investment Deals Throughout 2011 high levels of interest were expressed across the city for a wide range of investment stock a high proportion of which failed to convert into transactions. This is partly explained by the lack of new stock coming through the development pipeline, a much more prominent feature in 2010.

100,000

Total population: 1,170,900 (Journey to work area)

The Sentinel, Southside Business District

89,998 50,000 15,306 1,409,589 202,094 290,628 149,996 98,652 2,306,263 sq.ft.

Cumberland Court stands out as the most significant single deal of the year. This 48,500 sq ft building changed hands at £10.3m (net initial yield 7.73%). Offices also made up a high proportion of the content of two mixed use investments which transacted, namely Chapel Bar House and the Newland House/Newtown House portfolio both on Maid Marian Way. Combined these two sales incorporated some 150,000 sq ft of office accommodation.

0

Q1

Q2

Q3

21,351 A

65,123

B C

126,668

A

165,294

Q4

218,174

B C

20 89 93 Griffin House Bowman House

89,998 50,000 15,306 1,409,589 202,094 290,628 149,996 98,652 2,306,263 sq.ft.

CHA NGE OF US E

Financial and Business Services employment: 84,100

Canal Street London Road Castle Bridge Road London Road London Road Meadows Way Queens Drive Wilford Road

CHA NGE OF US E

PI PEL I NE

47,102 sq.ft.

Nottingham Demographics

Availability by Grade sq.ft.

PI PEL I NE

598,978


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