Latest News | 17 March 2021
Derby City Embassy: Cranes and blue skies are on the horizon
It may not have been the sunshine and blue skies of Cannes – but the first ever online Derby City Embassy certainly proved that Derby has a bright future ahead of it.
This morning, an audience of more than 200 delegates logged on for an exclusive insight into Derby City Council's economic recovery strategy.
And two of Derby’s major investors, Cale Street and St James Securities, explained why they were investing heavily in the city.
The Embassy, which showcases Derby’s major schemes and investment opportunities, is normally held during the MIPIM international property investment show, on the French Riviera.
Due to the pandemic, this year’s MIPIM has been postponed – but this did not stop Derby from pushing ahead and taking its Embassy online.
Speaking at the event, Councillor Matthew Holmes, deputy leader of the city council, said: “We have aspirations and ambitions for Derby – and the commitment and drive to deliver them.”
The Embassy began with the event’s host, John Forkin, managing director of Marketing Derby, setting the scene, citing two influential reports, both of which predict a strong economic recovery for the city following the impact of the coronavirus crisis.
Earlier this year, the PwC-Demos Good Growth for Cities study, ranked Derby as a top 10 city for post-covid economic recovery. Meanwhile, the UK Powerhouse report predicted Derby’s GVA would increase more than any other East Midlands city, increasing by 25% in the second quarter of this year.
John said: “The strength of Derby is measured by the strength of our economy – and Derby punches above its economic weight.
“These studies show that others believe that too. Pulled together, this forms the basis of our pitch to investors and the wider world as to why Derby is the place to invest.”
Derby Investment Prospectus 2020
The Embassy then heard from Councillor Holmes, who shared the plan for the city’s recovery, which is based on three key elements: confidence, diversification and decarbonisation.
He explained how Derby had attracted £267 million of public investment to support key local projects, including Becketwell (£45 million) and SmartParc (£17 million), which would leverage a further £750 million of private sector cash.
Councillor Holmes said: “We are big believers in the power of public-private collaboration. As the local authority we are happy to lead from the front but we will always work in collaboration with business and investors.”
Many of these projects are included in a recently published online Investment Prospectus, which showcases 17 major investment opportunities.
The prospectus lists ongoing projects, shovel-ready schemes and pipeline of developments that have the potential to give the local economy a major boost.
The projects also feature in a recently created film, which was shown as part of the Embassy event.
During the pandemic, Derby received a significant vote of confidence when major investors reaffirmed their commitment to ploughing almost half a billion pounds into key schemes in the city.
Among those investors was Cale Street – the London-based Kuwait Investment Fund – which last year took full ownership of the Derbion shopping centre from Intu.
It has now pledged further investments in the centre to enhance the customer experience.
Ken Ford, an advisor to Cale Street, explained how the fund was drawn to Derby because of its ‘macro fundamentals’, such as location, infrastructure and its highly-skilled and highly-paid population.
But he also said the city’s wider regeneration “gave us confidence”, adding “what’s good for Derby, is good for Derbion”.
The Embassy also heard from Paul Morris, director at St James Securities, the developer behind the £200 million Becketwell regeneration scheme, which will include a new 3,500-capacity performance venue.
He explained how the scheme would create a new “beating heart” in the city centre, built on the ethos of “work, live and play”.
He said: “This is how city centres are having to evolve – and it is an ethos at the heart of our vision for the site.”
He added that work on the first phase was due to start soon, marking a return of cranes on Derby’s skyline.
And finally, Derby City Council’s new director of city development and growth, David Fletcher, who was appearing at his first Embassy event, explained how it was creating a framework for change, designed to help meet evolving consumer behaviours and working habits, boost the city’s cultural offer, encourage city living, improve mobility and make it greener, while bringing in new industries and creating jobs.
He said: “We need to plan for change. Our city centre needs to be adaptable. We cannot assume that the future will be like the present. We want to inspire confidence and have a clear sense of direction for the city centre.”
The Derby City Embassy event will be posted on Marketing Derby’s YouTube channel soon.
