Posted on 20th January, 2021
Investment in Derby
A collection of Derby’s investment plans and projects
The effects of the current pandemic can be felt in economies across the globe. But recovery will transpire and Derby is amongst cities that are fiercely fighting for it. According to the latest report by law firm Irwin Mitchell and CEBR, Derby is expected to bounce back stronger than anywhere else in the East Midlands.
Derby City Council Leader Cllr Chris Poulter comments that “Derby has a credible track record over the past 300-years as a home of innovation. This very fact gives me confidence that, as a city, we have the will and common purpose to overcome COVID and its consequences.”
Amongst the many famous businesses that call Derby home are global brand leaders such as Toyota UK, Rolls-Royce and Bombardier. All of which employ over 22,000 highly skilled people. Derby is also recognised by Centre for Cities as a top ten UK location for starting a business.
In addition, there is much evidence to support the resilience of its economy. This week Rightmove reported that East Midlands is amongst the least affected regions in regards to monthly changes of property asking price.
There is a genuine buzz around Derby where so much happening towards its regeneration. Wavensmere Homes is amongst the many investors who see opportunity in a city so rich in history with such a promising future.
Below are a handful of key investment plans and projects that will all contribute to the future success of the city. Some of which are part of the City Centre Masterplan 2030 project.
1. The Becketwell Regeneration project
Development cost – £200m
The Becketwell Regeneration project sets to transform the Becketwell area of the city on a 1.9 ha brownfield site. The project will include hotel and office space, retail, and 259 build-to-rent apartments. Further plans include a 3,500- capacity music and entertainment events venue. Phase One of the scheme was approved on the 7th January 2021 with work set to start in late Spring. More than 2,000 are expected to be created by this development.
2. Electric Rapid Transport
Development cost – £60m
£60 million has been awarded to the city to improve its transport infrastructure. Part of the scheme involves an electric bus system to improve connections and significantly reduce emissions.
3. Market Hall and Guidehall Theatre
Development cost – £21m
These Grade II listed buildings in the Cathedral Quarter of the city are set to be transformed into a leisure and retail hub. Market Hall will accommodate multiple uses from vibrant food stalls to being host to a program of activities and entertainment. The use of Guildhall Theatre is still under review.
4. Derby Riverside Regeneration
Development cost – £150m
This project, led by Our City Our River (OCOR), looks to reduce flood risk and create a high-quality riverside across the 11-ha site. Further plans include the potential for a 30m high structure that would lift canal boats out of the restored canal and in the River Derwent. The scheme would also support the creation of more homes and space for 1,000 jobs.
Development cost – £100m
This £100m regeneration project is set to introduce residential development on the southside of the city centre. A new neighbourhood will be created to include 800 new homes. Other features include a new primary school and pedestrian link.
6. St. Peters Demonstrator Unit
Development cost – £1.69m
This will be a vacant store space accessible for use as a testbed for new cultural, leisure and business ideas that will enrich the high street and attract visitors. It is hoped it will entice people to visit the traditional high street and redefine what was an empty property.
7. Blue and green city
Development cost – n/a
Derby hopes to build an eco-friendlier city with an abundance of green open spaces and public squares. Other projects such as Beckettwell and Riverside Heritage Park will all contribute to building a more attractive and safer environment for its residents and visitors.
8. Derby Ascend Programme
Development cost – n/a
As previously mentioned, Derby is a city well known for business start-ups. The Derby Ascend Programme looks to support these businesses through a mix of public and private loans and funding, mentoring and networking, and access to expert skills and learning.
9. Derby Citymaker Project
Development cost – £4.8m
This project aims to attract more business and visitors to the city by increasing workspace to creative and digital businesses. Plans include purchasing void properties in targeted areas that will be suitable for start-ups.
10. Derby Business School
Development cost – £40m
The University of Derby has eyes set on building a brand-new Business School in the heart of the city centre, which will inevitably increase the University’s resources and attract students from across the globe.
11. Infinity Park Derby
Development cost – £200m
Set across a 100-acre greenfield site, Infinity Park Derby looks to attract both commercial and technology end-users. The plots will be available on a design and build basis fit for anything from office use to industrial distribution.
Development cost – £300m
SmartParc is set to create up to 4,500 new jobs with its high-tech manufacturing campus. The scheme will be located on a 140-acre site near Spondon with aims to put Derby at the heart of sustainable food manufacturing globally.
13. The South Derby Growth Zone
Potential development value – £1bn
The South Derby Growth Zone is set to create 5,000 jobs and 3740 new homes, located in the area between the city’s southern edge and the A50 corridor. Infinity Park Derby will be at its heart with other key components including a new linking road which will help unlock land.
Finally, our own Nightingale Quarter which has a development cost of £150m. Nightingale Quarter is located in the heart of Derby that offers nearly 800 new homes to the city. This includes a collection of two and three-bedroom homes and apartments. Onsite, residents will also enjoy acres of green open space, and indoor and outdoor gym and café. Wavensmere Homes are passionate about creating community and we believe Nightingale Quarter will achieve just that.
Due to such popular demand, we have released additional properties on Phase One which will be ready June 2021. Please read here for more details and contact us for more information.
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