Hillcrest Properties has been granted planning permission for a 4,000 sq ft restaurant and bar, four apartments, four offices and a 1,000 sq ft retail unit on the site of the former Lloyds TSB Bank at 31 Plains Road.
Hillcrest, a third-generation family property company based in Nottingham, successfully secured planning consent for the site, which has a projected gross development value of around £2.25m. Work is scheduled to commence over the coming weeks and the units will be available to rent from Q4 2023.
Landa Associates have been retained by the developer as letting and managing agents and have been instructed to find an operator for the new restaurant, as well as tenants for the accompanying first floor offices and ground floor retail space.
Sunny Landa FRICS, director at Landa Associates who will be leading the marketing, said: “This scheme is yet to hit the market, but we are already being inundated with interest from major operators.
“Demand for these sorts of properties located in affluent areas is at an all-time high. This development will help satisfy that by bringing new high-quality space to this part of Nottingham. We are confident that the prestigious location coupled with the ambitious plans our client has for the development will stimulate economic growth and job creation.
“On behalf of Hillcrest, I would like to thank the planning committee at Gedling Borough Council for granting permission for this fantastic new addition to Mapperley.”
EDGE is providing cost and project management services for the scheme. Elliot Holloway said: ‘‘We are proud to be a part of this development and I look forward to seeing the project complete. The plans are of the highest quality and the nature of the accommodation will be superb.”
Interested parties are now urged to get in touch with Landa Associates to discuss their specific leasing requirements prior to the property going to the open market.
