The Nottingham City Centre Redevelopment is now underway. The multi-million pound investment in to the Broadmarsh Shopping Centre and multi-story car park gives Millfield Estates reason for optimism. Their Lister Gate property is less than 200 ft away from what was one of the city’s largest retail venues.
The construction of the car park now well underway. It is hoped the pedestrian flow past Millfield’s Lister Gate property will be improved. Lister Gate, with 4,871 sq ft of retail and ancillary accommodation still available to let for any prospective new tenants.
The closure of the shopping centre and the access to Lister Gate from that direction has hit the street hard. A thriving centre with great footfall has left Landlords at the mercy of Nottingham Council. The Council still want the high rates attached the properties as revenue. Nottingham City Centre Redevelopment is well overdue.
With no people to shop, the number of vacant units on the street has 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 ongoing 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.”
