THE COURTYARD WELCOMES FIRST TENANTS

Office News

A former mill building in the heart of Nottingham’s Lace Market has been transformed into a new thriving centre of business, thanks to the combined efforts of developer Spenbeck Ltd, law firm Rothera Dowson and property consultant FHP.

Over the past year Spenbeck Ltd has transformed the rundown building on the corner of Broadway and St Mary’s Gate, creating The Courtyard complex, which offers over 14,000 sq ft of office space. With the help of both Rothera Dowson and FHP, leases have now been completed on six suites for four different tenants.

Amongst the first to move in was Distinction, a digital agency specialising in online marketing, creative services and web design and development.

“We actually started looking for offices two years ago, but the timing wasn’t right and it was hard to know when to leave the comfort of a serviced office,” commented James Bloor of Distinction. “When we looked around The Courtyard, we knew it would be the perfect home for our business.

“The landlord and letting agent included us throughout the refurbishment process, allowing us to select our own flooring, kitchen layout and even painting a feature wall in shocking pink to match our brand identity.

“The end result is an office that we are genuinely excited to work from and proud to bring clients to.”

Other new tenants are Insurance Initiatives Ltd, which has taken 2,800 sq ft of space and ticket industry specialist Gigantic, covering 1,700 sq ft. Boutique recruitment agency EMEA Recruitment has also taken 1,700 sq ft of space. They join two existing tenants that already had offices in the building prior to redevelopment.

The sympathetic renovation of the listed building has created a blend of the old and new, combing period features with everything needed to meet the requirements of a modern office. This includes a secure entry system, a private courtyard entrance and a dedicated fibre optic line, meaning uncontended broadband can be up and running at the flick of a switch.

For Victoria Stevenson, director of Spenbeck Ltd, The Courtyard project has been a leap of faith:

“If we had listened to some of the stories surrounding the commercial property sector, we wouldn’t have touched the building at all. It would have been simply mothballed for future development.

“After reviewing market trends from FHP focussing on the Lace Market, we felt confident that the scheme had potential. The fact that interest has been so high and companies are already using the space, shows that we were right to have faith in our conviction.”

Rothera Dowson, also based in the Lace Market, handled all of the legal aspects of the leases. Tom Redgate, partner at the firm and commercial property specialist, believes that The Courtyard’s success is a sign of things to come for the area:

“With the Lace Market becoming Nottingham’s Creative Quarter, businesses, particularly those of a creative nature, are keen to get involved as early as possible.

“It’s no secret that the market had reduced to a slow pace over the past few years. Developments like this, coupled with the fact that many companies are now starting to enjoy signs of growth once again, creates a more positive outlook. It shows the power of well planned and marketed office space in the city.”

James Hartley, associated director of FHP, added:

“The scheme has been a breath of fresh air. Tenants are being drawn to the space by fantastic presentation and the overall quality of the refurbishment. We’ve been involved in this project from the very beginning and it’s rewarding to see that the building is reaching its full potential and helping businesses to thrive and develop.”

After such a positive start to the scheme, just 1,700 sq ft of space now remains within the original office development, with interest strong. Spenbeck Ltd is now embarking on the redevelopment of a nightclub, with a 2,700 sq ft pre let enabling the work to start.