Posted on 14th September, 2020
Intu Derby – The First To Be Bought
Intu Derby has been taken over by Cale Street Investments
Last week, it was been announced that Intu Derby was the first of 17 Intu shopping centres to change hands since the company went into administration back in June. The reason being that the parent company was unable to agree terms with creditors.
The firm, which is backed by the London-based Kuwait Investment Office had already paid £186.3 million for a 50 per cent stake in Intu Derby last year.
Cale Street Investments said that the site will still be known as the Derby Centre for the time being, and the building will be rebranded within the next few months.
“This is the first Intu centre to migrate to new management and ownership following the administration of the Group’s Topcos back in June, and as such marks a key milestone in the administration process,” Intu joint administrator Jim Tucker said.
What does this mean for Derby?
It’s no surprise to Wavensmere Homes that Derby was the first Intu to be snapped up by a new buyer. Derby truly is thriving with the development that is going on in and around the city, including our very own Nightingale Quarter, which will develop 800 homes on an 18-acre plot. With the first phase to be completed in Spring 2021, we have just six properties remaining from the initial 125 two- and three-bedroom homes.
There is a genuine buzz around the city of Derby right now. Here are just a few reasons why…
- Holding the 2nd highest income per person outside of London
- A population of 254,000 people within the city centre
- 55,000 students within a top 20 university
- £4 billion has been invested in the city in the last two years, with £2 billion more in the pipeline
It’s clear that many investors can see the potential that Derby has to offer. However, Wavensmere Homes is passionate about the restoration of history, as well as building properties that continue to inspire for generations to come.
The Nightingale Quarter is one of the largest city centre regeneration sites in the UK. The development will include two restored pepper-pot structures which were once The William Strutt Infirmary and then the DRI in 1892.
The development is so central that it does in fact neighbour Intu Derby, which is home to households’ brands such as Zara, M&S, JD Stores and The Disney Store.
For a city so central, it’s actually greener than you think. And we’re about to make it even greener.
Our development will include six acres of parkland, open space and gardens. Which will provide the perfect outdoor space for all patrons of the development, as well as provide much-needed city centre biodiversity.
To understand more about the Nightingale Quarter, please do contact us.