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News Release


Nottingham architects help steer major overseas investment

as investors propose city centre scheme

NOTTINGHAM, 09 August 2017 – An international investor is proposing to pump more than £30m into Nottingham, by demolishing outdated buildings on Talbot Street and delivering a low-rise scheme of 353 homes for the city's ever-growing student community.

 It's understood that Redoak considered several potential locations across the Midlands, before making its final decision.

Redoak has already invested in Nottingham, restoring the old Norwich Union House building in Market Square and plans to retain the Talbot Street scheme as a long term, sustainable investment, alongside other similar schemes in their portfolio.

Local award winning architects, Franklin Ellis, have been brought on board to design the scheme and they have now submitted a planning application with the city council.

Franklin Ellis' partner, David Franklin sits on the city's design review panel and is involved in several other high profile projects across the East Midlands including Nottingham's River Crescent, Lace Market Square, and Castlewharf.

The plans for the 353 rooms, built in clusters of between four and eight beds, plus amenity space, will create a new streetscape in Talbot Street to enhance the local conservation area.

David Franklin from Franklin Ellis said: "This isn't just another student resi- scheme for our client.  Our brief was to deliver a top quality, affordable living environment for students which would stand the test of time and fit seamlessly into the existing urban environment.

"They are looking to invest long term in the cities and believe this design fulfils a need in the marketplace to deliver well designed space accessible to all students."

Owners of the Talbot Street site, Heart Church - one of Nottingham's larger inner-city churches - will now have the opportunity to move to a new Sunday venue.

Heart Church has been looking for larger premises since 2001, when it acquired land opposite its present Talbot Street home, with plans gaining consent in early 2011.

"For many years, we have been growing and that we have struggled to accommodate our congregation," said Heart Church's finance manager, Guy Bowen.

"At the moment, we hold four Sunday services at Talbot Street, and a fifth at a venue in the south of the city, and this year, an average of 1,100 people have been attending, so we really want to expand and hopefully plant church campuses elsewhere in Nottingham and, one day, develop churches in other cities throughout Northern England, so the sale of this site has been vital to our future."

Property advisor, Matthew Smith from the Nottingham offices of JLL who handled the disposal of the land on behalf of Heart said. "Student accommodation is a very attractive asset class at the present time and figures show that £1.9 billion has been invested in the sector so far this year compared to £1.7 billion transacted in the same period last year.

"Naturally when investors are looking to the Midlands, Nottingham stands out for its strong student population, currently standing at some 50,000. It's a demographic that makes the city a prime candidate for this type of inward investment and one we need to play to our advantage, when there are a lot of other cities in the Midlands all competing for the same share of voice."

Redoak was advised by Fothergill Wyatt and Savills, Nottingham.