Investment News | 21 October 2020
Derby’s rise for residential investment
Derby has risen 10 places in the best locations for residential investment across the UK, according to a recent housing index.
The city’s ranking jumped up to 34th, in CACI’s fifth annual Hot Housing Index, which is conducted in conjunction with trade publication, Property Week.
Derby is the second highest place in the East Midlands, with Loughborough taking the top spot in the region. The Housing Index investigates the most desirable places to live and invest in property throughout the UK based on quality of life, affordability, local amenities, public transport, internet connectivity, and crime.
Despite the current pandemic, the city is seeing several regeneration projects come out of the ground, notably: the next stages of the Castleward development, a housing-led regeneration development to build 512 new dwellings and part of the ‘Derby City Local Plan’; a further 800 homes currently being built adjacent to Castleward on the Nightingale Quarter; and the £200m Becketwell regeneration in the city centre.
Wavensmere Homes publicly launched its Nightingale Quarter development at the beginning of the year and interest has been high in the one, two and three-bedroom houses and apartments being built for sale or rent.
The company has developed a reputation over the past 15 years for delivering high-specification renovation projects and restoring heritage sites. Its Derby scheme includes conversion of two iconic ‘pepper pot’ towers into a café, gym and exhibition centre.
Managing director James Dickens said: “We still feel extremely confident in Derby as a location. We are seeing great take-up from potential purchasers and investors in the current climate, with a number of sales and exchanges closing in the past few weeks.
“These are unprecedented times and quality will shine through. Derby has a strong story and the businesses that underpin its local economy will adapt and persevere.”
St James Securities secured outline planning permission for its scheme at Becketwell in February, as part of its £200m regeneration plans for the city centre site. The first phase will see over 200 new apartments come out of the ground as Derby's first private rented sector (PRS) scheme.
Managing director Oliver Quarmby said: “We have been working up our regeneration proposals at Becketwell for two years now. The city and its council are fully supportive of the proposals which now, more than ever, are vital to promote and support a significant and sustained resurgence of the city centre.”
