Tenders are being invited for an £18m private sector residential scheme in the heart of Nottingham as the city council sends out a message to developers that many opportunities for both housing and commercial developments still exist in the city.
The council is keen to find a developer partner to build in excess of 120 homes on eight sites with a total area of 1.8ha in The Meadows area and is inviting developers to submit proposals through an open tender process, which is running from now until late September.
“We’re giving developers an extended tender period for the Meadows housing project so that they can come up with really innovative and robust proposals,” said City Council Leader Cllr. Jon Collins.
“We want developers to know that Nottingham is very much a development hot spot. We have well-integrated transport, a strong talent pool, possible opportunities arising from devolution and potential for a better return on investment than expensive markets such as London.”
The proposed housing scheme follows a national report by property and investment consultancy JLL which put Nottingham in the top 10 for the next wave of UK cities for office developments, judging it to have a stronger economic outlook than bigger UK cities including Birmingham, Glasgow, Edinburgh and Leeds.
Councillor Collins added: “The council took a 50 per cent share in joint venture development company Blueprint earlier this year – but there are still many significant opportunities for other companies to take on major developments here. There is far too much potential for one company to tackle everything, and we actively encourage bids from all developers with the capacity and expertise to deliver a scheme of this size.
The private sector scheme proposed for The Meadows will use brownfield land and will be the most significant development seen in the neighbourhood since the 1970s. It will transform Arkwright Walk, which forms a key link from Trent Bridge into the city.
The redevelopment also includes a prime site at nearby Blackstone Walk, located next to a new stop for the city’s £570m NET Phase Two tram network extension and overlooking the Green Flag awarded Queen’s Walk Park.
“The Meadows is already seeing the benefits of significant investment through ongoing housing developments, improvements to the historic Embankment Club and the extension of the city’s tram network. Activity in the construction industry is gaining momentum, bolstered by an improving housing market, and we want to use that to bring about quality regeneration in this well-connected and strategically important part of the city,” said Councillor Collins.
Councillor Jane Urquhart, Portfolio Holder for Planning and Housing, said: "This is an exciting time for the Meadows and a real opportunity to enhance connectivity and maximise the regeneration potential of the area. New private sector properties for sale or rent will further increase the range and type of homes as the neighbourhood continues to go from strength to strength.”
The sites will be cleared from April 2016 with development expected to start in autumn of the same year.