With the redevelopment of Nottingham City Centre underway with a multi-million pound investment of the intu Broadmarsh Shopping Centre and its adjacent multi-story car park well under way, commercial property specialists Millfield Estates have reason to be cheerful, with their Lister Gate property which is less than 200 ft away from what was one of the city’s largest retail venues.
With the construction of the car park now well underway, pedestrian flow past Millfield’s Lister Gate units is soon to be vastly improved, with 4,871 sq.ft of retail and ancillary accommodation still available to let for any prospective new tenants.
The closure of the Broadmarsh Shopping Centre as well as the closure to access Lister Gate from that direction has hit the street very hard. A once thriving retail centre with great footfall has left Landlords at the mercy of Nottingham Council who still want the high rates attached the properties as revenue.
With no people to shop, the number of vacant units on the street have increased tenfold as landlords seek rent free deals to ensure that the empty rates liability doesn’t significantly affect their financial situation.
Paul Dobson, property director for Millfield Estates, commented:
“Much still depends upon the on-going refurbishment and redevelopment of the Broadmarsh Centre itself, but the cranes are now visible overhead and that can only be a positive step forward.
“Despite the headwinds in the retail market, this project is well underway and we have every hope that it will benefit our Lister Gate property in the long-run.”
