PROPERTY
Hotel development for Island Quarter
One of the world’s leading hotel companies has signed a deal to create a new accommodation complex as part of a major regeneration scheme in Nottingham. IHG will bring its boutique hotel
brand Hotel Indigo and its extended stay operation Staybridge Suites to the Island Quarter site, which is currently undergoing the first stage of a huge redevelopment programme that will transform the southern gateway area of the city. The complex, the first of its size
in Nottingham in nearly two decades, will be part of a 17-storey landmark building that forms the flagship area of the 40-acre site. It will comprise 223 bedrooms
and suites – 155 located within Hotel Indigo and 68 aimed at multi- night business and leisure travellers in the Staybridge Suites, which will include a range of amenities such as a full kitchen and shared outdoor space for guests. This forms the latest stage of
proposals for the development, which will include a further 247 residential rental apartments, and an extensive food and drink area
featuring a bar and busy 100m- long forum for people to meet. There will also be 33,000 sq ft of flexible serviced office space with 400 desks. Richard Watson, director at the
site’s developer Conygar, said: “The Island Quarter is one of the most significant city centre regeneration schemes in the UK at the moment, and it was vital that the hotel brand which we brought to the development was reflective of that. “The hotel forms a key element
of this latest phase, which is truly cohesive, creating a range and fluidity of uses that will spread across the whole site.”
The landmark 17-storey building will house a hotel, co-working space, bars and restaurants
Armstrong logistics makes major acquisition
Armstrong Logistics has acquired one of the largest units at Magna Park, the huge and expanding logistics hub in Lutterworth, with the legal support of law firm Shakespeare Martineau. The company has taken a second warehouse measuring 377,000 sq
ft at the site following an initial investment of more than £5m in order to meet rising demand from clients, which include Aldi. It includes a 15-year lease commitment and an initial fit-out costing
more than £2.5m. The unit also includes a 568-space, two-storey car park and fuel refilling facility. Shakespeare Martineau’s Leicester office supported the transaction
by providing a full investigation of title and advice on the terms, as well as negotiation and completion of all the property documentation – all within just five weeks, about half the normal time period it would take. Commercial real estate expert and legal director Jonathan Fear, who
worked alongside associate Ben Darlow on the contract, said: “This is a significant milestone for Armstrong Logistics and is a positive example of how the retail food logistics sector has met the challenges of lockdown and successfully expanded in spite of the recession.”
Magna Park is undergoing major expansion with plans to expand from 10 million to 16 million sq ft
86 business network February 2021
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