A Danish pension fund which launched its British operation from a small ground floor office in London’s Dover Street five year ago has confirmed it is setting up its new 20,000 sq ft headquarters in Nottingham.
From a single employee at its West End base, NOW: Pensions will ultimately take on 250 staff when it moves into its 37 Park Row offices this November. Owned by pension fund giant ATP, the UK division is a leading provider of workplace pensions and has attracted over 8,500 clients and nearly 555,000 members since it opened for business in 2010.
Invest in Nottingham — which works closely with investors and local authorities to support incoming companies — and Nottingham City Council co-operated closely with the NOW: Pensions to secure its new premises and will continue to support it with recruitment.
The announcement has been welcomed by council officials and enhances the city’s potential as home for some of Britain’s fastest growing financial companies. Among those already established in Nottingham are: Capital One, Ikano, Experian, banking and financial group TDX and HD Decisions.
“We welcome the news that NOW: Pensions is establishing its operations here,” commented Jon Collins, leader of Nottingham City Council. “The city has a great reputation in the financial services sector and has some of the most innovative businesses working in the field today. The arrival of NOW: Pensions will only enhance this.
“Nottingham’s ongoing investments in infrastructure, the skills we have in the city and our costs are ideal for businesses that are simply overheating in London.
“Working closely with new investors, our team is also able to ensure that the benefits of any new investment are felt by local people, with new jobs on offer now and in the future,” he added.
Morten Nilsson is chief executive at NOW: Pensions. “With over 500,000 companies due to introduce pensions for their staff in 2016, demand for our services is going to go through the roof,” he commented.
“From day one, we’ve always said that we’ll accept any and every employer into our scheme, but to do that we need to take on more people. We need to expand our operations to ensure that these employers receive the help they need and our team in Nottingham will provide much of this ‘first line’ support.”
Jones Lang LaSalle (JLL) and BMO Real Estate acted as joint letting agents for 37 Park Row. “This is the second speculative refurbishment that our clients have successfully delivered in Nottingham,” said JLL’s James Keeton.
“To have the majority let to NOW: Pensions at completion is testament to the quality of space they have created and current demand within the Nottingham market. We now only have one floor remaining at 37 Park Row, but do not expect this to be available for long.”
Keeton said his clients were already considering the refurbishment of the adjacent Agora building at Cumberland Place which would add much needed Grade A space to the Nottingham office sector.
Simon McIntosh, of BMO Real Estate, added: “Following the successful letting of Park View House and considering the demand and supply characteristics of the Nottingham office market, our clients had the confidence to undertake the speculative refurbishment of 37 Park Row to create quality office space that is unprecedented within the Nottingham market.”
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