Top 50 Indie EG On The Move has acquired a 0.6 acre site at Trent Bridge, in Nottingham, from a private pension fund.
The site, which many years ago was The Globe pub and a petrol station, had been intended to be used for a nine-storey residential apartment development for which planning had been granted.
David Hargreaves from property consultancy FHP, which acted on behalf of EG On The Move, says: “We are aware of how difficult it is these days to “stack up” new build residential development following the significant increases in build costs and compliance costs and so when our client said they wanted a site near West Bridgford, a bit of lateral thinking brought us to this site. We contacted the representative for the pension fund and negotiated a purchase subject to planning for a change of use which was recently secured.”
Building works will start in the New Year on this busy gateway site at Trent Bridge.
Hargreaves adds: “This is a good example of the need to be lateral in your thinking in terms of the potential use of a site. The economy is weak and the property market is tough and more than ever those agents that are in touch with current market trends and who can think outside the box will lead.”
Matt Lawrence, development manager at EG on the Move, says: “Our development at Trent Bridge demonstrates how collaboration and innovative thinking can unlock new opportunities and deliver practical solutions in a challenging economic environment.
“I’d like to thank everyone involved in the acquisition and we look forward to seeing the positive impact our development will have on the local community.”
