A former run-down building in Nottingham’s Creative Quarter is set to be transformed into a brand new arts space, in a deal brokered by commercial property experts NG Chartered Surveyors.
The deal, NG’s third in the Creative Quarter in less than two months, will see 11-13 Hockley transformed into the City Arts Project – a charity set up to promote art within the city.
NG completed the deal on behalf of a Trust who are the leaseholders on the building, which only has 12 years to run.
Jonathon Seddon, director at NG Chartered Surveyors, takes up the story: “Our client’s property fell vacant after the previous tenant went bust leaving it in a poor state. Sadly, this meant that our client was left a building in a poor, practically unmarketable condition, but with very little incentive to spend money on the property given the short duration of their own lease.”
Step forward the Howie Smith Project, a social enterprise which supports the regeneration and use of derelict spaces to create artistic opportunity for the benefit of the community, led by renowned urban regeneration specialist Rob Smith.
Jonathon adds: “Rob has set up his Social Enterprise specifically to create affordable space for the Creative Industries in Nottingham. He was integral in
establishing the Nottingham Writers Studio, also in Hockley.”
The Howie Smith Project have taken the lease of the entire building, clearing it of the previous tenant’s junk, with a responsibility for its repair and maintenance. In turn, they have designed and built the space specific to the needs of The City Arts Project.
Jonathon added: “This has been an extremely satisfying deal to work on. It’s great that we’ve been able to create a situation that is positive for everybody involved; NG’s client will receive an income from the building for the residue of their lease from the Howie Smith Project who will, in turn, have met their ambition of regenerating an area, and the City Arts have a new long term base to the overall betterment of the city and, particularly, the Creative Quarter.”
Rob Smith added: “The target with every building I take on is to make it a hub for creative talent, and promote the education of the arts, which City Arts do very well for the benefit of the wider community. I am fully behind the City’s wish to regenerate the area, and with this project there comes an increase in footfall which can only help other businesses in the neighbourhood.”
Felicity Hedger of Humphries Kirk, who acts as the legal adviser to the Trust, said: “The lease to the Howie Smith project is good news for the landlord, as we feel we have a reliable tenant for the remainder of our term.
“Jonathon and his team at NG have been excellent in helping all parties achieve their goal and were proactive when it came to making things happen.”
