Investment News | 16 June 2021
Government confirms £15m for two major Derby city centre projects
The Government has granted Derby £15 million to help deliver two major city centre projects.
Earlier this year, Derby City Council put forward the Market Hall transformation and Eastern Gateway projects to receive backing from the Future High Streets Fund.
After previously receiving a provisional award, the Government has now confirmed that both projects will receive the grant.
Councillor Matthew Holmes, the city council’s deputy leader, said: “It has been a tough time for the high street but this is another step forward in delivering Derby’s recovery plan.
“Transforming the Market Hall and creating the Eastern Gateway will attract more people onto the high streets and diversify our economy.
“This huge investment in Derby shows the confidence in us to build back better.”
The Future High Streets Fund is aimed at helping renew and reshape town centres and high streets across the country.
Derby’s funding will be invested in transforming the Market Hall into an attractive, flexible retail and leisure destination and to create a new gateway to the city centre.
The Eastern Gateway will transform the entrance to the Eagle Market, creating a welcoming arrival from the bus station.
Public realm improvements will be undertaken with remaining funds.
Adam Tamsett, general manager at Derbion, which owns the Eagle Market, said: “We're pleased that the Government has secured the funding for Derby, as part of the Future High Streets Fund.
“With 15 million people passing through the bus station and more than 21 million visiting Derbion each year, the proposed Eastern Gateway redevelopment will bring significant investment to this important area of the city.
“We look forward to working with all of the regional stakeholders on the next steps towards delivering this exciting project.”
Derby’s extensive regeneration programme includes Castleward Urban Village, being delivered by Compendium Living, the Nightingale Quarter residential development, which is being built by Wavensmere Homes and the £200m Becketwell scheme, being delivered by St James Securities.
Transforming the Market Hall, refurbishing the Guildhall and redeveloping the former Assembly Rooms site is also part of the plan.
As well as Derby, other areas set to receive Future High Streets Fund cash include Heanor (£8.6 million) and Buxton (£6.6 million).
