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City the place for firms on the move

29 July 2008 Nottingham is an attractive relocation prospect for large UK firms looking to set up in the Midlands, says a new report pitched at inward investors.

The city has become a key destination for business, out-performing cities including Leeds and Manchester, the report claims.

When it comes to setting up a business, Nottingham compares favourably to other large cities elsewhere in the country.

The city has seen 5.9% annual growth in jobs, compared to the rest of the UK at 4.7% over the 2000-2005 period, according to research carried out by CB Richard Ellis.

These are just some of the findings of the Greater Nottingham Conurbation Property Market Activity Report which was launched at the CB Richard Ellis headquarters in London.

Commissioned by Nottingham Regeneration Limited (NRL), the company tasked with helping to drive forward the city's regeneration plans, the CBRE report was undertaken to find out what sort of changes the city and the wider conurbation can expect over the next decade and beyond.

Marc Cole, Nottingham Regeneration Limited's chief executive, said: "This is a very exciting time for Nottingham as it looks forward to a decade of sustainable, physical and economic regeneration.

"The report shows that the city has laid the foundation for its renaissance and NRL is working with partners to build on this success and take full advantage of the growing opportunities across the commercial, retail and residential property sectors.

"In particular, what came out of the report is that Nottingham is an attractive option for firms wishing to locate here. What is also encouraging to know is that the city continues to prosper in terms of retail, office and industrial rents - as the rest of the country is experiencing a downturn."

Nottingham is currently fifth in Experian's national ranking of prime retail spots, and is expected to rise further when the Broadmarsh Centre is overhauled by Westfield, bringing a large number of new shops.

Meanwhile, the Old Market Square redevelopment has been extremely successful, says the report, creating a renewed sense of civic focus with attractions like the Nottingham Eye and a Christmas ice rink.

Recent additions to the leisure offer include a branch of the Yo!-Sushi restaurant chain, upmarket café-bar independent The Walk, two new casinos and a major refurbishment of the Broadway Cinema and Media Centre. Next year will see the opening of Nottingham Contemporary, one of the largest leading contemporary art galleries in England.

Summary of findings:

Of the eight regional capitals, Nottingham has the largest catchment population profile at 700,000 and from 2000 to 2005, there has been a 5.9% growth in jobs which is well above the UK average of 4.7%.

Approx. 21,000 jobs within 2001-6 are managers/professionals, while lower value employment remained static or declined.

People who come to study here tend to stay - with 27% of graduates choosing to live and work here.

The average wages in Nottingham and its conurbation are £26,200 p.a. which is 87% of the England average

Nottingham is a cheaper location to buy a house (70% of the national average)

Eastside City is one of the biggest regeneration schemes in the country with £900 million investment.

Waterside has 100 hectares of development opportunity and over the next ten years, the area is predicted to attract at least £1.4 billion in investment and become a premium site for residential and business use.

The Three Cities Growth Point status (Nottinghamshire, Derbyshire, Leicestershire) carries an expectation to create 18,400 new homes in Nottingham by 2016.

Office location costs in Nottingham are at £28 per sq ft which is below competing centres of Leeds, Liverpool, Manchester and Bristol.

Prime retail rents have increased steadily, bucking the national trend which has shown a decrease.

Nottingham's city centre is consistently among the top five retail centres in the UK. There has been a 40% increase in floor space over the last five years and despite its expansion, there is still demand from high end retailers who wish to set up here.

The report shows that from 2001 to 2006, 20,800 new jobs for managers and professionals were created. There is a declining "call centre" dependence - between 2001 to 2006, there was a fall of 1,600 call centre jobs.

While there is a recognised oversupply of apartments in the city centre, it is council policy to diversify stock. Traditional housing stock is performing well. Nottingham is a cheaper location to buy a house.

Designated as one of six Science Cities in the UK by the Chancellor in 2005, there are ambitious plans to create 20,000 additional science and technology jobs here by 2020.

There is significant opportunity in the conurbation with several regeneration schemes in outlying areas of the city.

Nottingham's industrial performance is strong. Its "edge of the Golden Triangle location" an advantage with its good links to the M1. Prime shed rents are £5.75 per sq ft (junction 26).

Source:This is Nottingham|

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