Market Leads & Opportunities

‘Iconic’ building once home to Nottingham’s oldest sports shop could be turned into hotel

Source: https://www.nottinghampost.com/news/

An ‘iconic’ building on a key route between Nottingham railway station and the city centre is set for a complete transformation after it was the subject of numerous bids – with a hotel one of the uses under consideration.Nottingham City Council, which owns the 19 century City Buildings in Carrington Street, has received “very strong interest” after putting it on the market with an asking price of up to £4m.It believes the upper floors of the five-storey site – which used to be home to the Redmayne & Todd sports shop and now accommodates the likes of Caffe Nero and Subway in the ground floor units – could create jobs if it is transformed into offices and creative workshops.The project is the latest in a line of developments earmarked for Carrington Street, which forms part of the so-called “southern gateway” between the station and intu Broadmarsh.Councillor Jon Collins, leader of the council, said the council invited bids to buy and redevelop the building and it has received “numerous” offers, which are now being considered.The 55,000 sq ft City Buildings was built between 1896 and 1897 at numbers 28 to 48 Carrington Street, with part of it also overseeing Canal Street.It was designed by Nottingham architect Gilbert Smith Doughty for J Wright & Sons, in the renaissance revival style, as a speculative development of ground-floor shops and upper-floor warehouse space.In a report to potential investors, the council said the upper floors have survived in their largely original condition, but are in need of maintenance.They consist of a mix of offices, workshops, studios and storage, which are only partly let and generating almost £40,000 in rent each year.The council said it “would particularly welcome expressions of interest from the creative industry and job creation uses”, subject to planning permission.The ground-floor shops, also including the Picnic Basket, Ladbrokes, a barber shop and tattoo studio, generate £115,000 in annual rent.Grants have been provided by the council through the Heritage Lottery Fund’s Townscape Heritage scheme to cover up to 80 percent of the cost for reinstating and repairing original shop fronts.The council was looking for either bids of between £3m and £4m for the entire building, or offering a 999-year lease for the upper parts only.It expects to announce the successful bidder within the next four weeks and refurbishment work could even begin as soon as next year.Other proposed projects earmarked for Carrington Street include a redevelopment of 19 to 26 Carrington Street into coffee shops and offices, as well as a revamp of the Gresham Hotel into 16 luxury waterside apartments.