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