A developer with ambitions of reversing the fortunes of Nottingham’s high street has bought a prominent city centre building, as it continues with its uplifting vision.
ALB Group is pressing on with its rejuvenation of local shopping streets, after buying 11-15 Low Pavement, and is hoping to attract a high-end restaurant to occupy a ground floor space.
The Grade II-listed Low Pavement building, which boasts both Georgian and Victorian architecture, housed the former TSB bank until it closed in 2020, and fragrance shop, Jo Malone currently occupies number 15.
The firm has also acquired the adjacent 12 Pepper Street – home to the Pepper Rocks cocktail bar and creperie.
Pepper Rocks and Jo Malone now have a new landlord, in ALB Group, but the Nottingham-based developer says negotiations are ongoing with a view to extending their leases at the site, which is situated over three floors and features a courtyard as well as a roof terrace.
The overall plan is to give ALB Group – which bought a number of properties in Bridlesmith Gate and Lister Gate last year with a masterplan to revitalise the area and make it as thriving as London’s Carnaby Street – to have greater scope for the revamp.
Arran Bailey, ALB’s managing director, said: “As we own the adjoining buildings it gives us greater control when it comes to regeneration of the area.
“We bought nearby buildings in the latter part of last year, and within less than six months, we had renovated and found exciting new tenants for those buildings, while reassuring existing tenants that we were out to turn the area around.
“We are delighted with the completion of the purchase, and excited for the future.”
The acquisition was made possible thanks to London-based McMullen Real Estate.
A spokesman for McMullen said: “McMullen Real Estate acted on behalf of Oakgate Group in the successful sale of the property.”
Oakgate Group put the building on the market last year, and had described how it was located “in the heart of Nottingham’s prime district, surrounded by high-end fashion retailers and restaurants”.
ALB Group is continuing to pull up the area by the bootstraps.
But less than six months after snapping up 11 vacant premises,along with three on Lister Gate, ALB Group had all but one of its units filled, with vibrant and on-trend independent traders filling the void.
Among the businesses which have moved into the prime retail space so far are ladieswear boutique Stick and Ribbon, estate agent Pygott & Crone, craft coffee and deli shop Barista LAB, 18 Montrose and Sneakerverse.
