Nottingham Office Forum The Nottingham Office Forum 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.
THE NOTTINGHAM COMMERCIAL OFFICE MARKET REVIEW 2013
Out of Town Business Parks
This is the fourth Nottingham Commercial Office Review which provides an essential update on the office market activity during 2013 in Nottingham’s main office core and out of town locations. For further updates visit www.nottinghamofficereview.co.uk
THE NOTTINGHAM OFFICE FORUM
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Reasons to invest in Nottingham:
City Centre deals
• Close to 1.4 million people in the journey to work area
1 Central Park
13,531 sq ft
City Core
• Over 98% of the UK market within a 4 hour drive of the city
Chapel Quarter
15,700 sq ft
• Access to 62,000 students studying at Nottingham’s two universities
The Curve, NG2 Business Park
30,000 sq ft
There is over 2.5 million sq ft of proposed office schemes within the city core area. These schemes have either outline or detailed planning permission.
• £40m Nottingham Investment Fund available to growing businesses
Grade A office deals
• Home to global companies including Capital One, Experian, Alliance Boots, Speedo and E.On
increase compared
saw over a 130% ,80
to 2012
• Nottingham Enterprise Zone offers development opportunities across four city centre sites
0s
5 ,30
qf
ft
49,097 sq ft
GRADE B GRADE C
• Cutting edge global digital infrastructure
sq
49
t
GRADE A
• A technology led city with research excellence and growth sectors in Life Sciences, Cleantech and Digital Media
89,998 sq ft
Sentinel
98,652 sq ft
The Portal
149,996 sq ft
Former Hartwell Ford Site
202,094 sq ft
NG2 Business Park
202,899 sq ft
Unity Square
290,628 sq ft
Eastside
1,409,589 sq ft
Out of Town Nottingham’s out of town business parks are able to provide a further 400,000 sq ft of proposed office space
• £10m Nottingham Technology Grant Fund focused on supporting technology led companies
Out of Town deals
• £750 million investment to enhance our award winning integrated transport network with two new tram lines and A453 widening to be complete in 2014
Limehouse, Ruddington Fields Business Park
• The UK’s most energy self-sufficient city Como, Sherwood Park
Investment Deals
Yield
1-2 Chase Park
3,290 sq ft
10.50%
2 Clinton Avenue
3,443 sq ft
n/a
Wyvern House Phoenix Bus Park
11,600 sq ft
13%
Water Court
17,502 sq ft
Alan House Clumber St. Mansfield Court Woodborough Road Titan House, Sherwood Park
1 Newstead Court, Sherwood Park
46,250 sq ft
E.On’s leasing of Newstead Court at Sherwood Park represented the largest deal in the out of town business parks
44,246
sq ft
129,946 sq ft
GRADE A
15,866 sq ft
GRADE C
17,997 sq ft
19%
38-44 Castle Gate
22,701 sq ft
31,807 sq ft
7.40%
Victoria House, Milton Street
28,223 sq ft
St Mary’s Court
28,632 sq ft
37,859 sq ft
20.70%
Barker Gate House
30,192 sq ft
39,998 sq ft
n/a
Impact House, Castle Boulevard
35,941 sq ft
,946
sq f
t
Available Office Space
GRADE A
The Arc, ng2
45,176 sq ft
9.50%
31-35 Park Row
52,366 sq ft
12.26%
GRADE B GRADE C
12,000 sq ft
Nottingham Business Park
107,000 sq ft
Pegasus Business Park
215,000 sq ft
Some of the major deals include: Halley House, Hounds Gate
12%
Colwick Quays
2013 saw an unprecedented increase in the change of use of offices in the city centre with 559,393 sq ft of existing office stock being converted into alternative uses including student and residential accommodation.
Equitable House, South Parade
42,938 sq ft
70,000 sq ft
Change of Use
GRADE B
No. 1 Nottingham Science Park
Beeston Business Park
City Gate East
q ft
Size
25,500 sq ft
17 s
The Curve
Location
Pegasus Business Park
13,8
Nottingham saw over 285,000 sq ft of office accommodation transacted during 2013, representing a 37% increase compared to 2012.
15,750 sq ft
102
• Nottingham Creative Quarter to create an ‘incubator without walls’ to the east of the city centre
50
Phase 2 Nottingham One
502,588 sq ft
231,757 sq ft
Newtown House, Maid Marian Way
39,547 sq ft
Minerva House, Hounds Gate
59,180 sq ft
Newlands House, Maid Marian Way
71,106 sq ft
Talbot House, Talbot Street
79,610 sq ft
Nottingham NET Tram network