The Derby office market is going through interesting times at the moment and in this review Tim Richardson of FHP Property Consultants in Derby looks at current trends and how the market may evolve in the CIty.

Over the last few years we have seen an increasing supply of outdated secondary office space within the City Centre which has proved difficult to let.  Up until about 2008 these were achieving reasonable rents in the order of £7-£10 per ft² but over the last five years have really struggled to secure much interest at all and now with an improving residential sector we are seeing these being converted to apartments.  These buildings are some of the most well known in the City, such as St Peters House comprising some 100,000ft² of office space, recently sold for conversion to 147 apartments,  and the 35,000 sq ft Roman House on Friar Gate, a former City Council building, also being sold for conversion.

The Heritage Gate office complex, once in its heyday the place to be, faces an uncertain future, with only 20% occupancy and currently on the market.  We anticipate that most of this will go for residential conversion.  However, it is a good commercial location and it would be nice to think that at least some of it such as Norman House will remain as offices and be refurbished to provide the type of high spec accommodation that people now require.

This leaves very little good quality office accommodation in the City Centre.  There is virtually nothing to buy freehold for small owner occupiers or pension funds, and no grade A space ready to move into.  Friar Gate Square has been taken by the University of Derby for their Law School, and while some argue that this demonstrates that there is scant demand for City Centre offices, this is definitely not the case.  Friar Gate Square was initially intended to suit a single major occupier which didn’t quite happen and although it could have been split for smaller suites, that sector of the market wasn’t yet ready to pay £18.50 per ft² when you could still get perfectly good space at Pride Park for £10 per ft².

We continue to see an exodus from the City Centre to Pride Park, despite the best efforts of the City Council and others and it is not necessarily driven by desire for people to be on Pride Park, more due to the lack of suitable stock in the City Centre.  From the businesses we talk to there is a strong appetite from local companies to move back into the Centre if only there were the right product there.  This is in part borne out by the success of the Connect Derby Scheme which provides City Centre space such as Sadler Bridge Studios and the former Magistrates Court mainly aimed at smaller enterprises.

At the moment, well located refurbished space in suites of 1,000-5,000ft² certainly have an appeal and this can be accommodated in buildings such as Laurie House  in the City Centre where our clients have refurbished the external and common parts to a very high standard and let one floor to Citibase.  Additional refurbished space is available at a very competitive rent in the order of £8 per ft².

New build offices in the City are still proving challenging, partly due to land values, build costs and a reluctance from occupiers to pay the figure necessary to make such schemes viable.  However, with rents on Pride Park and on good quality accommodation increasing then the gap between a new build rent and a well specified second hand rent is diminishing.

Of the proposed City centre new build development we have seen Friar Gate Square go to education use, and Central Square on Cathedral Road is under construction as student accommodation.  Cedar House Investments’ City Gate House also on Cathedral Road can provide up to 56,000ft² of offices and is ready for development.

Also in the City Centre, Wilson Bowden’s Full Street development is under way with a Premier Inn and 46 apartments under construction and due to be completed by the end of the year.  Adjacent to this they are able to build out brand new offices known as One Cathedral Green which will be able to accommodate suites available from circa 2,000ft².

We are able to offer new build offices on St Mary’s Gate of 4,515ft², either on a design and build basis, or alternatively a land sale will be considered.

Whilst Derby is still very much a car based City, and availability of parking nearby is essential, the City Centre is the most sustainable location in terms of transport modes.

Pride Park as mentioned earlier continues to be popular and still has a reasonable availability of offices between the 1,000-10,000ft² size range, although if take-up continues in the way it has, then this stock will rapidly diminish and the final phases of schemes such as Pullman Business Park will come to an end leaving no new build available on Pride Park either.  There are still development opportunities available such as The Point on Hudson Way, which can accommodate requirements for new build offices up to circa 40,000ft² with easy accessibility and a two minute walk to the railway station.  We are seeing  improvements in rental values and capital values on Pride Park as the supply diminishes and the days when the tenant could take his pick of half a dozen properties and demand the best terms are now long gone.

We continue to see a higher level of enquiries for office space across the City both in the centre and out of town allied with increased confidence and there have been a number of key lettings to the professional services sector in the 1,000 -5,000ft² range.

The challenge moving forward is to make the jump between values for good second hand and brand new grade A space to make speculative new build viable and by the look of the market we are getting very close.

Contact:

Tim Richardson

FHP 01332 343222

FHP Property Consultants are delighted to announce that a further sale has been agreed at Ash Tree Court on Nottingham Business Park to Red Independent Financial Advisors a growing financial advisory company relocating from Strelley Hall.

Mark Tomlinson of FHP Property Consultants who concluded the sale commented:-

“This is the latest in a series of deals on Ash Tree Court marking a flurry of office activity on The Park which has seen vacancy levels reduce drastically. At the start of the year there were four units available on site, we now have just one unit remaining and have rental proposals out to two parties on this unit. This marks a significant change in the outlook of the office market which has been in the doldrums for some years and we are now managing to agree increasingly better freehold figures and stronger rental terms”.

“We have previously secured two further lettings on site to Community Solutions who are also relocating from Strelley Hall and also with Kelway”.

For more information about the Press Release, contact: Mark Tomlinson at FHP Property Consultants on 0115 950 7577.

ENDS

FHP Property Consultants are delighted to confirm the letting of a high quality 2 storey office building to GEW2 Limited.  The property has excellent access to the A38 and thereby M1 being located within the Key Point Office Village in Alfreton.  The premises extend to some 1,360ft² over two floors finished to an excellent specification providing a modern working environment with allocated parking within a court yard environment.

Tim Richardson of FHP comments:

“The lease to the previous tenant was due to expire in September 2015 but we identified a new tenant within days of placing the property on the market.  Terms were agreed and the new lease completed within a short timescale facilitating an early surrender of the previous lease to the mutual benefit of all parties.”

Iain Gorman from GEW2 comments:

“We were keen to secure a new premises and 4 Key Point offered modern space of exactly the right size and in the perfect location for us so it was an easy decision to take.  The property gives us an excellent base from which to drive forward the expansion of our business.”

Andrew Bock from Clowes Developments added:

“We are delighted to have secured a new lease to a high caliber tenant such as GEW2 within such a short timescale.  When we originally constructed the Office Village we had confidence in the location and the quality of buildings we constructed, and this view is supported by the level of interest FHP received.”

For further information please contact Tim Richardson at FHP on 01332 343 222.

Mark Tomlinson of FHP Property Consultants has recently concluded the sale of 29 – 31 Upper Parliament Street, Nottingham, a Grade II Listed Watson Fothergill Building fronting Upper Parliament Street and King Street in the heart of Nottingham City Centre.

The property comprises four floors of former office accommodation previously occupied by Freeth Cartwright and has been vacant for some time given the difficulties in the City Centre office market during the recession years.

The property has been purchased by 29 Stoney Street LLP, to carry out a residential conversion of the premises to provide a range of apartments for the private sector.

Mark Tomlinson of FHP Property Consultants commented:-

“I am delighted to have concluded this sale of such a landmark building in Nottingham City Centre and I am glad that it will now be put into use. I have worked with Andrew Davison-Hogg of 29 Stoney Street LLP on a previous project on Barker Gate and he does have an excellent track record in converting Listed Buildings to provide excellent quality product for the residential market.”

The purchaser Andrew Davison-Hogg of Stoney Street LLP commented:-

“We are very excited to have the responsibility of converting such a beautiful building and bringing it back into use.”

The purchaser is working with DL Design Studio Ltd to create a sympathetic scheme taking into account the Listed nature of the building.

Daniel Lacey of DL Design Studio Ltd, who is working with the new owners in designing the new scheme, commented:-

“We are excited to be working with Andrew to bring a new vibrancy into a prominent but vacant city centre listed building. He is a proactive and conscientious client and we are looking forward to helping him extract the best from the space, improve the life of the building and preserve the existing historical architecture.“

ENDS

FHP acting on behalf of private clients are delighted to announce the most recent letting at 36 Regent Street to Your Hair Clinic in Nottingham’s Professional Quarter.

Lucinda Hancock of FHP Property Consultants who concluded the letting commented:-

“Your Hair Clinic had targeted the Professional Quarter as their preferred location for the new clinic and I was thrilled that their chosen suite which recently became available at 36 Regent Street matched the key criteria of their requirement.”

Dwane Castillo of Your Hair Clinic commented:

“Your Hair Clinic offers a specialist treatment, so it was very important to us that we found suitable premises that complimented the needs of our business.

We are really pleased to have moved into 36 Regent Street; the property not only meets the requirements of our licencing legislation but also instils confidence to our customers that we are based in a quality environment.

36 Regent Street is well located for us in the well-respected Professional Quarter which is a beautiful area and accommodates sensitive and discreet nature of our business perfectly.”

For further information with respect to this letting, please contact Lucinda Hancock of FHP Property Consultants on 0115 841 4794 or lucinda@fhp.co.uk

FHP acting on behalf of private clients are delighted to announce the most recent letting at the now fully let Quantum House on College Street to The Framework Web Development Limited who have opened a new office based in Nottingham.

Lucinda Hancock of FHP Property Consultants who concluded the letting commented:-

“The team at The Framework Web Development Limited considered a number of options across the City Centre before focussing their requirement on the Professional Quarter. Having shortlisted two properties handled by FHP I was pleased that the opportunity at College Street was selected to satisfy their requirement.”

Stephan Hayward of The Framework Web Development Limited commented:-

“We are extremely excited to be moving into Quantum House, and feel it’s the perfect place from which we can grow our business. FHP (Lucinda) was pivotal in our decision to move into the property, they were professional, curious and reactive – meeting us with only 20 minutes’ notice!”

For further information with respect to this letting, please contact Lucinda Hancock of FHP Property Consultants on 0115 841 4794 or lucinda@fhp.co.uk

FHP Property Consultants are delighted to bring to market an office suite at Hope Drive on the prestigious Park Estate.

The suite comprises 318ft² of high quality office space in a multi let Victorian character building. The property is close to bars, restaurants, theatres, museums and is therefore ideally located for both business and entertaining.  It benefits from a bright, communal kitchen with seating and 24 hour access. The rent is inclusive of utilities, business rates and broadband.

Thomas Szymkiw of FHP’s Office Agency Team commented:

“With this suite offering the opportunity for any prospective tenant to essentially ‘plug in and go’ and with FHP seeing increased activity in the serviced office market I am confident that we will receive a high level of interest.  This is coupled with the fact that we previously let a suite in the building after only the first viewing.”

For further information or to arrange a viewing, please contact Thomas Szymkiw of FHP Property Consultants on 0115 8411159 or thomas@fhp.co.uk.

EAST MIDLANDS property developers Sladen Estates and Peveril Securities have purchased the flagship Nottingham site Unity Square – with the aim of driving forward its development, and further improving the city’s important southern gateway.

Sladen and Peveril, one of the East Midlands most successful commercial development partnerships, have bought the key development site opposite Nottingham Railway Station from Peel Land and Property Group for an undisclosed sum.

The site, which is at the heart of the city’s burgeoning regeneration zone, has planning permission to provide up to 460,000 sq ft of grade A offices and a new hotel with complementary retail and leisure uses surrounding a new public square.

Nick Sladen of Sladen Estates said the deal was proof that the Nottingham economy was growing, and that the lack of new office development in the city meant the time was right to proceed with the project.

“Nottingham has made a strong economic recovery, but the challenge it faces is that the downturn halted new development,” he said. “It left it with a shortage of grade A office space. We know the demand for space is out there, but professional occupiers looking for room to grow in the right location are struggling to find suitable accommodation in the city.

“The area around the railway station has undergone some substantial long-term investment, with the transformation of the railway station into a transport interchange and the exciting plans from intu for the redevelopment of intu Broadmarsh. Unity Square will put occupiers in the perfect place to take advantage of these investments, which is why we are delighted that Peel is passing the baton to us to push on with the scheme.”

The approved scheme has been designed and evolved by North West-based Peel which has been working closely with Nottingham City Council with the intention of starting demolition on the site shortly.

Richard Mawdsley, Peel’s development manager, said: “Unity Square is an excellent scheme which is now well shaped to take advantage of the upturn in the regional office market. With the economic improvement, the delivery phase of a number of our strategic projects are all coming to life at exactly the same time.

“We are naturally having to focus resources on our strategic land holdings and we feel Sladen Estates and Peveril are the right team to take Unity Square forward now and we are confident they will realise the vision for Unity Square.”

Based in the East Midlands, and headquartered in Derbyshire, Sladen Estates and Peveril Securities have an established background in the regional commercial property market with a track record of delivering large-scale developments across the country. Over the last 16 years, they have jointly completed projects worth more than £300 million in sectors including office, industrial, leisure and student accommodation.

Nick Sladen added: “Sladen and Peveril have an intimate knowledge of the local market and national development and contracting expertise so we jointly have the scale, expertise and resources to make the most of the opportunity that Unity Square now presents.”

Unity Square is being marketed by Nottingham property consultants FHP.

John Proctor, FHP director, said: “Unity Square has been a long time in the making and its delivery is a vital component of the regeneration of the southern gateway district of the city. It will bring much-needed new office space to a market which has been struggling to meet demand.

“The city council has been proactive in supporting the scheme which has also generated strong interest from both existing office occupiers and national enquiries. When the existing buildings are demolished, we will then start to see the potential for this scheme and start to fit the individual pieces of the jigsaw together to deliver both the business district and for us to be able to deliver an environment around Nottingham’s transportation interchange which will genuinely provide the standard of environment that you would expect to see when arriving in one of the country’s most progressive provincial core cities.”

For more information about the site, contact: John Proctor at FHP Property Consultants on 0115 950 7577.

ENDS

On behalf of private clients, FHP Property Consultants are delighted to bring to the market 12 Charnwood Street, Derby. This self contained office building extends to approximately 1,673ft² over three floors and offers a mixture of open plan and cellular office space.  The property also benefits from a secure private car park.

Charnwood Street provides a mix of office, healthcare and residential users and is situated half a mile from Derby City Centre, just 15 minutes walk from Derby train station.

The property is available to let by way of a new lease direct from the landlord at a rent of £12,950 per annum exclusive.

For further information on the property or to arrange a viewing, please contact Darran Severn at FHP Property Consultants on 01332 343 222 or email darran@fhp.co.uk.

Acting on behalf of clients FHP have recently completed a letting of the 1,060ft² Upper Floors at 1 East Circus Street to DLP Planning Limited for a 5 year term. DLP had been looking to relocate their East Midlands office to Nottingham for some time and having shortlisted a number of options in the City Centre opted to satisfy their property requirement in the Professional Quarter.

Lucinda Hancock of FHP who concluded the letting commented:

“DLP knew they wanted to be in Nottingham and I was delighted that 1 East Circus Street suited both their locational and operational requirements. I have no doubt DLP will swiftly settle in to what is now a fully occupied building and wish DLP every success in the continued development of their Midlands expansion onwardly.”

Jim Lomas of DLP Planning Limited commented:

“DLP Planning Limited have successfully relocated their East Midlands operation to 1 East Circus Street in Nottingham to provide increased opportunities for company expansion. The premises will provide an ideal platform to grow the East Midlands venture now based in the heart of Nottingham’s business district. The premises offer the opportunity to meet operational requirements in terms of office space, accessibility, visibility and off street customer parking all of which are qualities that attracted DLP to East Circus Street.”

“It has been a pleasure working with Lucinda in our quest to relocate the offices to Nottingham. Lucinda’s local knowledge of the market has assisted greatly in our decision to locate to the Professional Quarter following examination of various options within the City Centre. Lucinda has adopted a professional approach throughout our office search and has responded promptly to questions arising often at very short notice.”

We had been trying without success to market our commercial property near Mansfield for 6 months before we turned to Mark Tomlinson at FHP.

Within a week Mark had introduced us to a buyer and a deal was quickly struck.

Inevitably there were the usual transactional issues but Mark stayed with the process and intervened when necessary to ensure that the deal stayed on track to completion.

Accordingly, we are very happy to recommend Mark and the FHP service to potential clients.

FHP Property Consultants are delighted to announce the letting of the 4th Floor at Pearl House which has recently been taken by Reed Specialist Recruitment Limited who have moved from King Street in Nottingham City Centre.

This marks the latest in a string of office deals in Nottingham City Centre on multi-let offices which is reducing the availability of stock further.
Mark Tomlinson of FHP Property Consultants commented:-

“Shortly following the expiry of the previous lease and before we could even commence a refurbishment on the space we brought forward interest from Reed Recruitment for the building and the deal was completed from the initial viewing to completion of the lease in a matter of 4 weeks. Such is the lack of availability of good quality office space of this size in Nottingham City Centre we were able to obtain a strong deal on behalf of the Landlords”.

With full occupancy now achieved at The Pearl and also at Bridlesmith House and the city centre office levels are ever decreasing. As a result we hope to see rents increase and greater appetite amongst Landlords to refurbish existing buildings instead of turning to the student residential market, which has been a major theme in Nottingham city centre.

END

FHP Property Consultants are delighted to announce the letting of a 3,000ft² office suite within Bridlesmith House achieving full occupancy on the site on behalf of the Landlords.
The offices have been taken by The Together Agency, a brand and design agency currently based in the Creative Quarter of Nottingham who have expanded their offices within the city.

Mark Tomlinson of FHP Property Consultants who concluded the letting commented:-
“There is a lack of good quality office space within Nottingham City Centre especially in the Creative Quarter of the city, but we have achieved this letting to the Together Agency due to an early surrender of a 3,000ft² suite within the building following a refurbishment by the previous occupiers”.

The offices were due to be vacated when the lease on the offices was due to expire at the end of March 2015, but the letting was concluded in February achieving an excellent result both for the outgoing Tenant and the Landlord alike”.

“The Together Agency has been looking in this area of the city for a while for the right style of accommodation; such is the nature of their business. The open plan nature of the suite within an attractive period building such as this is hard to come by”.

“We spent quite some time with The Together Agency to find the right option for them and I am delighted that we have now concluded the letting with them”.

END

Mark Tomlinson of FHP Property Consultants has now been instructed to sell 11 Glaisdale Drive, the former Capita offices, totalling 26,000ft² following an extensive refurbishment.

The property comprises a mixture of offices and warehousing and is suitable for a variety of uses such as offices purposes, industrial uses and also congregation and community uses, subject to planning.

For further information please contact Mark Tomlinson on 07917 576 254 or email mark@fhp.co.uk

END

FHP Property Consultants are delighted to announce that Hargreave Hale, stockbrokers and investment managers established in 1897 with offices throughout the UK, have taken offices within The Point on Loughborough Road in West Bridgford. This follows the acquisition of some high quality personnel who have been operating within this field in the local area for a number of years.

Mark Tomlinson of FHP Property Consultants, who acted on behalf of the Landlords, Rushcliffe Borough Council, commented:-

“I am delighted to have achieved a letting to such a good quality company within this building following the previous letting to Handelsbanken onsite. We are now building a very strong Tenant profile in the building and now have only one unit remaining, which we hope to bring forwards interest on in the near future. The Landlords of the premises continue to present this building very well as it is very well managed and it is no surprise that such good occupancy levels are being achieved”.

We approached FHP to search for options in central Nottingham. They really listened to our needs; creative studio space, meeting rooms, parking and a central location with flexible terms, and responded swiftly. From first approach to moving in has been 4 months! Mark Tomlinson has guided us through the whole lease process with diligence, patience and a pragmatic approach at all times.

We identified Quantum House as the solution to base our business in Nottingham.  Its location within the professional quarter was exactly where we wanted to be and the suite we have taken will gives us a presence there with the ability for immediate growth.  FHP were excellent in reacting to the speed of our requirement and helped to facilitate our swift and smooth arrival into the building.

FHP Property Consultants are pleased to announce the letting of first floor prestigious office space to Citibank as they relocate from Pride Park.

Citibank have taken high quality first floor office space of approximately 4,461 ft² at the well known Pentagon House, a landmark office building on Sir Frank Whittle Way close to the Pentagon Island.  Marketing the space on behalf of the current lessees, Balfour Beatty, Tim Richardson of FHP comments:

“Citibank were looking for high quality space on flexible terms and identified Pentagon House as the ideal option for them.  The quality of space, light airy accommodation, superfast broadband, manned reception and excellent parking ratio were a great attraction to them”.

FHP have 3 suites remaining of approximately 4,000 ft² each across the ground and first floor.  They are in the process of agreeing terms for a further letting, but otherwise should be pleased to discuss the further space with any interested parties.

For further information contact Tim Richardson at FHP: 01332 343 222.

End

May 2015

Mark has worked exceptionally hard to secure the letting of our Offices at 52 The Ropewalk, Nottingham, and we were amazed that he secured a tenant for us within two weeks. We have worked extensively with FHP over the last 20 years and they have always secured tenants for us quickly and efficiently to minimise our costs. We find their service is exceptional.

I have worked with, for and alongside John for 20 years having initially met on the sports pitch.  John has provided advice to Gateley which has enabled the firm to continue its organic growth within the East Midlands region and most particularly helped us move to our new offices at Park View House in Central Nottingham.  What I enjoy and value is that in working with John I know that he is seeking to ensure that the deal negotiated meets exactly with the brief that has been outlined and where we are working together there is a clear communication and understanding that enables us to practically and successfully negotiate our way through a problem to get the right result.

John has assisted me in the relocation of our Leicester and Nottingham offices.  John provided me with a clear synopsis of the options that were available, summarised the pros and cons of the opportunities and the occupational costs involved and achieved through negotiation the financial objectives that we were seeking to achieve.  Most importantly after the deal was agreed John was still there to help me resolve issues that arose both of a legal and practical nature.

John has acted for me on a number of occasions over the past 15 years, most recently when our office building in the centre of Nottingham became vacant.  The matter was complicated by an outstanding dilapidations claim but I am pleased to say… that within a six month period our building is once again tenanted, the dilapidations were fully settled and whilst the process was not without its problems John guided us through with sound practical advice and protected both our income and asset value. I would be very happy to retain FHP for all of my future property advice.

Lucinda Hancock of FHP Property Consultants has recently completed the last available suite in the multi occupied office space at 3 Hope Drive located within The Park Estate in Nottingham.

The offices on Hope Drive have been converted into a semi-serviced office premises offering a bright working environment with all inclusive rental deals on flexible lease terms to suit small to medium sized companies in the City.

The latest tenants are Driver Hire Nottingham who have relocated from their existing Nottingham based premises. Driver Hire Nottingham wanted to stay within close proximity of Nottingham City Centre and 3 Hope Drive ticked all the boxes essentially enabling their Team to ‘plug in and go’.

Lucinda Hancock who acted on behalf of the landlord commented:

 “We are pleased to complete the letting at Hope Drive where we now have a flourishing tenant mix. 3 Hope Drive has proved very popular with occupiers enthusiastic to be within reach of the City Centre and this is another success story for the serviced office market in Nottingham.”

For further information with respect to this letting, please contact Lucinda Hancock of FHP Property Consultants on 0115 841 4794 or lucinda@fhp.co.uk.

FHP Property Consultants are pleased to offer to let a stylish first floor space with its own front door off The Strand Arcade in Derby City Centre.

The premises lie within a unique and characterful position within the Cathedral Quarter.  The Strand Arcade links The Strand to Sadler Gate, a niche retail location within the City Centre, but easily accessible from the inner ring and with ample public car parking in the vicinity.

The space itself is finished to a high standard providing self-contained accommodation accessed via distinctive entrance doors off The Strand Arcade and providing a range of predominantly open plan space.  Presently used as offices, it would lend itself to alternative uses and extends to some 154m² (1,657ft²).

Tim Richardson from FHP comments:

“This is an excellent opportunity to acquire good quality accommodation that is a bit different from the run of the mill space and is offered at a very competitive rental”.

For further information contact Tim Richardson at FHP: 01332 343 222.

Tim has acted for us on our properties in Derby for several years and given us straightforward advice which has helped tailor our strategy. He has also achieved various lettings all to good quality companies and has sought to achieve the best outcome for us in terms of commercial agreement and strength of covenant, preferring to proactively seek out tenants who will be in the best long term interest of the estate.

Top class office space in the heart of the city centre is about to come on to Nottingham’s starved office market.

More than 26,000 sq ft of Grade A space in a landmark building on Park Row is currently undergoing a high quality refurbishment.

Landlords have decided to invest in the improvements to 37 Park Row, part of the imposing Cumberland Place development in Nottingham’s professional quarter. The space has been vacated by Nottingham Trent University and will now be given a comprehensive overhaul before it comes on to the market. This includes an external facelift, a new reception area, new interior facilities and substantially upgraded office space.

The property is being marketed jointly by John Proctor, from the Nottingham property consultancy FHP, and James Keeton, of the Nottingham office of national real estate advisors JLL.

“Nottingham is still chasing the dream of a speculative new office development which might attract some of the professional occupiers who we know are out there,” said FHP director John Proctor. “The mismatch between the cost of development and the rents that can be achieved continue to make that challenging, and building cost inflation is not making things ay easier.

“The office market is making progress, though, through the refurbishment of vacant existing stock which is in the right shape to serve the needs of modern, professional occupiers. That approach has worked successfully at Park View House nearby, where Mazars, Gateleys and Allied Irish Bank are among the tenants.”

He added: “Professional demand for office space is out there. Demand began to rise towards he end of last year and there are now some sizeable transactions in the pipeline.This is the year when moves are going to be made.”

James Keeton, Associate Director at JLL, said that though occupiers were frustrated by limited opportunities to relocate and upgrade refurbishments projects like Park View House and 37 Park Row and work at other sites would help redress the balance.

He commented: “Park Row will deliver 26,331 sq ft of Grade A space to a very high quality, with open plan offices and a feature reception, situated right in the heart of the central business district.

“Once the refurbished offices are ready for occupation they will significantly increase the volume of office space immediately available in the city centre, albeit take-up is already starting to bring this down.”

The refurbishment works at 37 Park Row are expected to be completed in May.

For further information contact John Proctor at FHP on 0115 950 7577

FHP have been appointed by London and Scottish Property Asset Management to market one of Nottingham’s landmark buildings – Stanley House, Talbot Street, Nottingham.

The historic building dates back to the 19^th century and was substantially refurbished in the late 1980s / early 1990s when new build offices were developed behind the original façade.

London and Scottish are now committed to undertake a complete refurbishment of the 32,000ft² building to offer suites from 5,000ft² to 32,000ft² in size.

John Proctor of FHP who is handling the instruction confirmed:-

“It is great news for Nottingham that a landmark building of this nature is to be retained for offices. The strengthening office market is enabling buildings to be retained for office use. Up until recently the majority of buildings would simply have been lost to residential.

Nottingham still has the privilege of having the largest central office community within the East Midlands area and it is essential that good quality offices are offered to enable the strength of the City to be maintained.

The contribution of the business community to the success of the Nottingham City Centre is often undervalued / underestimated. Both Derby and Leicester have tried for years to be able to increase the popularity of their respective City Centre office representation and it is important that Nottingham realises this and protects its central business community”

ENDS

For further information please contact:

John Proctor at FHP Property Consultants on 0115 950 7577

FHP Property Consultants are pleased to bring to the market this high quality 2 storey office building at Key Point Office Village, Alfreton which enjoys an excellent location off the A38 dual carriageway, approximately 2 miles from Junction 28 of the M1.

The building is finished to an excellent standard and provides some 1,360ft² of accommodation together with designated parking.

Tim Richardson from FHP comments:

“This is a rare opportunity to buy your own premises in a very accessible location and we are anticipating a good level of interest”.

The property is available for purchase with a guide of £160,000, or alternatively on a new lease quoting £13,950 per annum.

For further information contact Tim Richardson at FHP 01332 224 857.

FHP Property Constultants are delighted to offer to let a high quality ground floor office suite situated on Derby’s premier business park.

The premises extend to some 170m² (1,829ft²) of office space, which includes gas central heating, raised access floors and air conditioning.  The building fronts on to Riverside Way and has on-site car parking.

There are excellent facilities on Pride Park including Starbucks, David Lloyd, Frankie  & Bennys, Subway, Greggs and Seven Restaurant.

The property is available to let by way of a new lease direct from the landlord.

For further information please contact the agent, Tim Richardson at FHP on 01332 343 222.

Acting on behalf of Clowes Developments in conjunction with joint agent Salloways, Tim Gilbertson of FHP is delighted to confirm a further substantial leasehold disposal at Ivanhoe Business Park at Ashby-de-la-Zouch.

The latest deal sees expanding locally based company, Health Safety & Engineering Consultants Limited relocate from their former base in Ashby to modern purpose built office accommodation on the fringe of the town in a prime location within minutes access of the M42.  Yet another successful deal on the park now leaves us merely with one existing office available immediately of approximately 4,500ft².

However, with plenty of land and numerous ongoing discussions at present to offer design and build solutions for both office, industrial and warehouse operators on the remainder of the site, further deals are expected shortly.

Speculative solutions can be offered to purchase or rent and for further information please contact Tim Gilbertson at FHP on 0115 9507577.