Developers have unveiled images of a new £200million business quarter by the former Broadmarsh Centre.

The development, called New Albion Place, is a joint venture between Peveril Securities and Sladen Estates and will be built by Derbyshire-based Bowmer + Kirkland.

They plan to transform two acres of land flanked by Canal Street, Collin Street and Greyfriar Gate into top quality office space. The plans will kick-start regeneration in this important part of the city, which is an area currently very much in the spotlight – and a cornerstone of Nottingham’s transformation.

Ralph Jones, managing director of Peveril Securities, said: "We are in early discussions with a variety of occupiers for more than 250,000 square feet of space and are very excited to bring forward this development. For many years Nottingham has needed a dedicated central business district to provide much-needed large floor plate 'Grade A' office buildings to retain key employers within the city and stimulate inward investment.

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"We believe that this development will complement the proposed open spaces being considered at Broadmarsh and through the renovation of Hanson House and Richmond House, will retain some of the original heritage of the area. It will add to the ongoing transformation on the Carrington Street link between the station and central Nottingham, which has included the recent refurbishment of the City Buildings, the construction of the new library and car park complex, and the ongoing public realm work on Collin Street."

The developers have acquired the freehold and long leasehold interests in a large proportion of the site, including the old Midland Scooter Centre, Chinese supermarket, Albion House and open car parking.

It is anticipated that the 37,167m² (400,000ft²) office space will create up to 5,000 new jobs with a completed investment value of circa £200 million.

Sladen and Peveril are in conversations with Nottingham City Council about New Albion Place.