Pictured above: David Richardson from Savills
Nottingham at the property
Within 24 hours of instruction, Savills Nottingham has secured a
tenant for the former Scruffy's Restaurant on Stoney Street in the
Lace Market, Nottingham.
The Lace Market for many was once a thriving destination of
choice, with its lure of culture, nightlife, boutiques and
restaurants.
Unfortunately, as the unsightly claws of the recession took
their grip, there were inevitable casualties and the number of
occupiers within the area decreased.
However, since the end of 2009, Savills has witnessed a marked
increase in local confidence, particularly in the restaurant and
leisure sectors. The number of companies looking to establish
themselves within Nottingham and the surrounding areas has once
again started to increase.
The subterranean unit for the restaurant, which comprises 1,900
sq ft, was taken on a five year lease, at a commencing rent of
£21,500 p.a.
David Richardson of Savills, who sealed the deal, comments: "The
let reaffirms Savills' belief that the Lace Market and Hockley are
enjoying a revival. We were instructed by Montegue Knight
Investments to market the property after it had remained empty for
over a year. Savills received instructions at 9.30am and further to
a viewing that afternoon, the property was placed under offer the
next day. The speed and terms we were able to secure for our client
further demonstrates an improvement in the City market."
Fit out is now well underway at the former Scruffy's Restaurant,
which is to be reopened as Nine Spices Indian Buffet and Bar with a
scheduled opening date of early May.