Coinciding with Local Government’s initiative to introduce independent stores along Derby Road in Nottingham, FHP Property Consultants have agreed a sale to ‘Hung Up’ art gallery, which will be opening in Spring 2016.
Having received 6 offers for the unit which was formerly home to ‘Ferguson Interiors’, it is a testament to the success of the £800,000 improvements along Derby Road, which aims to further increase footfall, and has vastly improved the letting and sale prospects of the area. Hung Up Art Gallery, who purchased the unit’s long leasehold interest, are just one of the many independent operators to have taken advantage of the improvements to the area, as well as ‘Scribbler’s Ales’ at 78 Derby Road and ‘Sonic Barbers’ at 62 Derby Road, who were both secured by FHP over the last 6 months.
Being such a vital arterial route in Nottingham, Derby Road has been a main beneficiary of the Business Improvement District (BID), which aims to increase footfall in the city as well as surging the local economy. As part of the £800,000 improvements to the stretch of road in between North Circus Street and Upper College Street, new trees, street lighting and an additional pedestrian crossing have been installed and the pavements have been widened and repaved.
Figures best exemplify the effects; Nottingham received a 5.7% increase in footfall for December on the previous year, whilst overall, cities have experienced a 1.1% decrease.
Matt Revill of FHP negotiated the letting:
“It’s great to see another independent moving in to the area, especially as the owners are moving up from London; attracting this wide range of new occupiers shows just how successful the city is and reflects the positive impact of the retail and leisure schemes, such as BID.”