Developer KMRE Group has announced it has acquired a 1.5 acre site on the banks of the River Trent in Nottingham for prestigious apartments.
KMRE has purchased the site, which will be called Riverside, to create 81 exclusive waterfront apartments and penthouses delivered to a high specification.
The move is part of KMRE’s ambitious plans to expand its portfolio across the Midlands and invest into major cities, including Nottingham.
KMRE has appointed Hollycroft Construction who will start building in the summer on the former Park Yacht Club site. Nottingham estate agent FHP Living will be begin marketing the properties immediately.
The exclusive residential development is located adjacent to Blueprint’s Trent Basin development and near to the well-established River Crescent apartment scheme and will form an important part of a revitalised waterside in this area of Nottingham.
Kam Mogul, managing director of KMRE, said: “We are a Leeds-based developer which has delivered similar residential schemes throughout Yorkshire and our expertise has brought success.
“We are now looking further afield to create high-end living accommodation. Our sights were set on Nottingham when we saw the huge potential for waterfront living in the city.
The Riverside site lies at the southern end of Trent Lane in Nottingham fronting the river and is located less than a mile from the city centre. The site is within 200 metres of the Eastpoint Retail Park and the upcoming waterfront apartments will overlook The Hook nature reserve and the many Victorian properties in Lady Bay.
“KMRE has seen how Nottingham’s skyline is changing. 2018 is set to be a pivotal year for the city in terms of development, with several regeneration projects getting underway,” said Kam.
“We felt it was just the right time to get involved in Nottingham’s growing developments in the southside of the city. As well as new residential schemes popping up around the river, Nottingham is to get its intu Broadmarsh shopping centre redeveloped this year. This development is ideal for investors looking for a strong return on investment in a fantastic waterside location.
“Coming up is the Nottingham Castle transformation and the new City Hub being done by Nottingham College which will have a huge impact on the city landscape. Among the changes will be a renaissance of the public realm connecting the sites which will create a welcoming new entrance to the city from the south, where our development will be.”
Richard Watson, director at Colliers International, acted for KMRE on the acquisition.
Richard said: “We are delighted to have acted on behalf of the KMRE Group on the acquisition of the former Nottingham Yacht Club. Located on the waterfront between Riverside Crescent and the Trent Basin development, this prestige development of apartments overlooking the River Trent will become a very desirable place to live.”
FHP Property Consultants acted on behalf of the vendor. Steve Parker of FHP’s residential arm FHP Living will be marketing phase one of the scheme. He said: “We are delighted to welcome KMRE to Nottingham and the Midlands. The prestigious properties will be welcomed by local people looking to buy well-appointed homes close to the city and also the desirable area of West Bridgford and Trent Bridge Cricket Ground.”
Planning was acquired on the scheme earlier this year and the deal completed in April.
KMRE’s Riverside development will feature one, two and three-bedroom apartments from £165,000 and bespoke interior-designed penthouses starting from £500,000.