An East Midlands developer which has been snapping up city centre retail units to help breathe new life into them has extended its portfolio.
ALB Group has bought 11-15 Low Pavement, in Nottingham, and hopes to attract a “high-end restaurant” to occupy part of the ground floor space of the properties.
The buildings, which boasts both Georgian and Victorian architecture, housed the former TSB bank until it closed in 2020, while fragrance shop Jo Malone occupies number 15.
The firm has also acquired the nearby 12 Pepper Street – which is home to the Pepper Rocks cocktail bar and creperie.
A spokeswoman for ALB Group said negotiations were underway with Pepper Rocks and Jo Malone to extend their leases.
She said: “The overall plan is to give ALB Group – which bought a number of properties in Bridlesmith Gate and Lister Gate last year with a masterplan to revitalise the area and make it as thriving as London’s Carnaby Street – to have greater scope for the revamp.”
ALB managing director Arran Bailey said: “As we own the adjoining buildings it gives us greater control when it comes to regeneration of the area.
“We bought nearby buildings in the latter part of last year, and within less than six months, we had renovated and found exciting new tenants for those buildings, while reassuring existing tenants that we were out to turn the area around.
“We are delighted with the completion of the purchase, and excited for the future.”
The acquisition was made possible thanks to London-based McMullen Real Estate.
A spokesman for McMullen said: “McMullen Real Estate acted on behalf of Oakgate Group in the successful sale of the property.”
Oakgate Group put the building on the market last year, and had described how it was located “in the heart of Nottingham’s prime district, surrounded by high-end fashion retailers and restaurants”.
Among the businesses which have moved into retail space recently bought by ALB Group are ladieswear boutique Stick and Ribbon, estate agent Pygott & Crone, craft coffee and deli shop Barista LAB, 18 Montrose and Sneakerverse.