Nottingham could see a wave of new coworking spaces unfold, following an investment of more than £ 5million in the city’s Creative District by real estate company Perrymead Estates – starting with the launch of its studios Stoney Street lighthouses.
Perrymead has pivoted its offering to better support East Midlands businesses in a post-COVID climate. His new business Stoney Street Studios, in the heart of the lace market, is launched as the government abandons its work-from-home mandate to allow a return to the office from July 19, 2021.
Lifting ‘Freedom Day’ restrictions could help boost trade prospects, after East Midlands named among eight UK regions reporting declining confidence based on latest business barometer of Lloyds Bank Commercial Banking. It puts the region’s confidence at 31% in June 2021, up from 40% in May.
Perrymead Estates already has a multi-million property portfolio, which includes the Garage Studios office complex at Lace Market. But it has made the belated decision to abandon its initial plans for its Grade II listed development on Stoney Street, to reflect the tough decisions facing businesses grappling with the impact of COVID-19.
Oliver Wheatcroft, Managing Director of Perrymead Estates, explains: “Originally we were planning a traditional office space for Stoney Street Studios that would be available for a long-term private lease. But at the end of 2019, we were seeing the trend towards flexible working in London and other European cities. The pandemic has accelerated interest in a remote working culture, so we felt compelled to test a new model that includes the provision of meeting rooms in Nottingham with flexible contracts.
“Following Prime Minister Boris Johnson’s announcement that people can return to the workplace, there is a need to support companies that cannot afford to enter into long-term contracts, or that wish to just adopt a different way of working for the future. “
The first local to open will be Stoney Street Studios, which has been developed over three years and involved renovation spending of £ 2.5million.
Another project planned for the Creative Quarter will launch office space for a destination business club in Nottingham, including a restaurant, bar and accommodation, with a planned investment of £ 3.4million.
Those plans will take shape incorporating feedback from Stoney Street Studios, which has already secured a number of tenants from the city’s burgeoning creative sector.
Dating from 1845, the Stoney Street building combines original features with modern design. Purchased in 2016, Perrymead Estates undertook its own construction, primarily using local staff and suppliers.
Oliver adds: “As a Nottingham company investing in the Nottingham estate, it is important for us to use local commerce. For example, we called on the specialized carpentry company FA North, which supplied 164 double-glazed sash windows. These had to meet both environmental health requirements for thermal and acoustic efficiency and Department of Conservation standards. Attention to detail for this development is important.
The launch of the coworking space in Nottingham is highly anticipated, having suffered delays due to the pandemic. It offers:
- High speed internet (1 GB)
- Upscale furnishings with custom-made kitchen and coffee bar
- Hardwood furniture
- LED lighting
- Intelligent access control
- CCTV security and on-site management
- Private lockers and showers
- Audio and visual installations
To ensure it is safe for COVID, the facility has hand sanitizing stations and will benefit from frequent deep cleaning.
Stoney Street Studios is Perrymead Estates’ Lace Market’s third project, since 2015.