Sep 23 2010
With some property commentators having written off 2010, many believed the usually quiet summer would have been almost non-existent…..fortunately this hasn’t been the case everywhere, and seemingly there are genuine signs of confidence returning to the office market in Nottingham.
For Derbyshire based developers Sladen Estates, the summer earmarked a turnaround for their office development on Lenton Lane; Poplars Court is a stylish office development with a canal side setting close to Nottingham City Centre.
Development Manager at Sladen Estates Ben Taylor summarises the progress so far and the marked improvement seen in 2010; “once completed the development was hailed as a success – it has never failed to impress occupiers with its unique contemporary design and impressive specification. But as with most things, timing is everything, and Poplars was no exception to the rule, completing a few months before the infamous collapse of Lehman Brothers. As a result, until June this year, we had sold 5 of the 16 units, well below our expectations, although not particularly surprising. With the onset of the summer I had to admit I didn’t expect things to change, but they have, and we’ve managed to agree 6 deals, 3 of which have already completed”.
The most recent occupier is The NewFat graphic design agency, who, represented by James Keeton at King Sturge, has recently taken occupation, relocating from a small business centre in Beeston. This comes shortly after the NEP reported in June the sale of another unit to a private investor, which Taylor confirms is already under offer to a new tenant.
Taylor adds “The interest has been unprecedented based on general market activity, but very welcomed. Whilst it’s easy to get carried away with this, I think we are finally starting to see an upturn, and importantly, from a very significant sector – SME’s. It’s extremely encouraging to see movement at this end of the market, and particularly in relation to securing bank funding. Whilst they remain cautious, clearly SME’s with a reasonable track record are now able to secure funding which bodes well for our remaining units, and for the market and economy as a whole.”
Joint agent on the scheme, Ann Taylor from Innes England added “We are seeing very positive levels of interest on this development and hopefully the deal with Newfat is the first of many to cross the line. This organisation fits in well with our existing tenants who comprise software and IT consultants, accountants and graphic designers, all relocating from the local area to significantly higher quality accommodation where they are proud to have their name above the door”.
Commenting on the recent success, joint agent James Hartley from Fisher Hargreaves and Proctor said “I truly believe that the specification within Poplars Court is second to none. Sladen Estates and joint development partner PMB Holdings have really gone out of their way to ensure that the occupiers and purchasers are able to benefit from the best a Grade A office can offer. Let’s hope this level of activity continues and translates into the wider market”.