Investment News | 19 August 2020
City opportunity seized
Urban Sister Developments has applied for planning permission to convert the upper floors of two buildings in Derby city centre as part of a £2.1m project.
The development would create 27 further student apartments in the Wardwick. Having already successfully completed the Urban Lofts student accommodation scheme in Derby, winning a major UK property award in the process, director Ruth Hobbs believes the city is a great place to invest and do business, despite the economic pressures caused by the coronavirus pandemic.
Ruth said: “There has never been a better time to invest in Derby and start developing. Prices are low but demand for high quality student rentals is booming. There are so many empty buildings in the city centre that are perfect for conversion. Post-COVID, that’s an unbelievable opportunity.”
Their latest plans will bring the upper floors of two Grade II listed properties, covering around 8,000 square feet, back into use. The empty former offices will be converted into 17-bed and 10-bed student homes – again, with a focus on quality.
The company does, however, want the Government to make it easier for developers to bring more empty city centre buildings back into use by cracking down on landlords who leave properties vacant for long periods.
Ruth added: “In Derby city centre there are rows of properties that are empty but very few of those buildings are for sale. Pension funds have owned some of these places for years and don’t even know it.
“We have millions of square feet of empty space in city centres where people want to live. We have to bring the people back to create the kinds of city centres we want – places where businesses can then also thrive.
“And if any city can do it, it’s Derby really.”
Derby City Council Leader Councillor Chris Poulter said increasing city living was a key plank of Derby’s economic recovery strategy following the COVID health crisis. He aside: “Our city centre has been over-reliant on retail and hospitality – sectors which have been subject to structural change as well as suffering the economic impact of coronavirus. We are determined to complement a great shopping and leisure offer with more homes and offices, creating a vibrant centre where people will want to work, live and relax.”
