By Joe Locker, Local Democracy Reporter
A new buyer has been found for Nottingham’s former Central Library building.
The library in Angel Row permanently closed in 2020 and the building was put up for sale by Nottingham City Council.
A new Central Library opened on the site of the former Broadmarsh Centre at the end of last year.
While a buyer was found for the old site, the sale was eventually terminated in 2023.
The Local Democracy Reporting Service was told at the time the prospective buyer had failed to come through with the money.
According to documents published ahead of an Executive Board meeting on June 18, the council says it has found another buyer.
“Disposal will generate a significant capital receipt which will be used in line with the council’s agreed capital strategy,” documents say.
“The sale will also remove current and future holding costs and risks arising from holding this significant city centre asset void.
“Any future resource, capital, and revenue expenditure required to keep the asset safe and insured will be removed.
“The sale will also result in a significant development in the city centre which will ultimately generate Business Rates income, bring footfall to a high street location and provide much needed high quality accommodation.”
The Labour-run authority says the original buyer had plans to convert the building into student accommodation featuring 400 to 500 beds.
Part of the building was also going to be converted into offices, exhibition and gallery space, studios and units for the creative industries, using Government funding.
Documents reveal the council has been paying £162,000 each year in holding costs, and these are expected to rise further to £319,000 amid rising insurance premiums.
“The property was remarketed and offers were received based on the planning brief for student housing, that was included in the marketing,” documents add.
“The offer is from an established developer and operator.”
It has been recommended councillors approve the sale at the meeting on June 18. The price has not been made public.
