Posted on 28th April, 2021

Derby City Council Launches £1.75 million Initiative

By Laura O'Sullivan
derby map
Derby City Centre

A £1.75 million scheme has been launched to encourage new businesses to Derby city centre.

Derby City Council is looking to support businesses through assistance with business rates, rent, marketing and training. The scheme hopes to repurpose redundant spaces and vacant buildings to bring in high-quality jobs to Derby city.

The Council has already supported IT company Bam Boom Cloud to relocate its global headquarters to the city, bringing in almost 100 high valued jobs. They are now making this funding accessible to encourage more to follow suit.

David Fletcher, Director of City Development and Growth at Derby City Council, said “Bam Boom Cloud will bring high-value, knowledge-based employment into the city centre and breathe new life into a beautiful, listed building which has been empty for years; it’s the perfect example of what we’re aiming to achieve through this inward investment initiative.

“The move will help diversify our local economy, enhance the street scene and improve vibrancy. We now hope to attract further jobs into the city centre and achieve new uses for more of our vacant properties.”

For the repurposing of buildings, the scheme will fund up to 100% of feasibility studies and up to 50% of capital costs for renovation, conversion and repurposing. Derby City Council has already agreed to support investment firm Manston Investments with a feasibility study to explore the use of the empty former Bennett’s building on Iron Gate.

Applications are welcome from all businesses that propose to generate employment. However, weighting will be given to those specifically targeting the city centre. All funding aims to be allocated by March 2022.

John Forkin, Managing Director of inward investment agency Marketing Derby, said: “We are seeking to repurpose the city centre by encouraging the return of business and investment. People want to see a dynamic and vibrant city and this fund provides us with a unique opportunity to support new jobs and investment in making that happen. Early interest has been incredibly positive.”

Recovery

The £1.75 million scheme is part of Derby’s economic recovery strategy after the coronavirus pandemic.

Derby has multiple million-pound investment projects in the pipeline such as The Becketwell Regeneration Project Castleward and SmartParc’s high-tech food campus. All are expected to create thousands of new jobs in Derby city centre and surroundings.

Wavensmere Homes

We are part of the significant investment happening in Derby right now. Our Nightingale Quarter development, which is located in the heart of the city, will create nearly 800 new homes.

The development has seen sell-out success in Phase One with Phases Two and Three closely following.

Read more about it here.

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