Investment News | 16 February 2021
Detailed plans submitted for £80m business park first phase
Detailed plans for the first phase of an £80 million mixed-use scheme, which could bring more than 1,000 jobs to Derby, have been submitted.
St Modwen Park Derby, which is a joint venture between developer St Modwen and Network Rail, involves the development of 70 acres of brownfield land, in Wyvern Way.
The first phase, details of which have been lodged with Derby City Council, includes three units measuring 79,000 sq ft, 54,000 sq ft and 39,000 sq ft, which could bring around 300 jobs to the city.
The unit are currently being jointly marketed by commercial property firm Innes England and Savills.
Nick Hosking, director at Innes England, said: “It’s massively encouraging for the city to see such a key employment site coming forward.
“The scheme, which can accommodate requirements up to 300,000 sq ft, will undoubtedly provide a very attractive option for industrial and logistics businesses in the region, given its immediate access to the national motorway network, and with Derby city centre just a five-minute drive away.”
Situated across the River Derwent from Derby County’s Pride Park Stadium, the wider proposals for St Modwen Park Derby include a series of buildings set aside for general industry, storage and distribution.
According to the planning application, around 1,200 jobs could be created once the site is fully operational, with a further 60 created during its construction.
It is also estimated that the on-site employment would generate about £65.4 million in gross GVA (gross value added) annually.
Approval for 780,000 sq ft of industrial and distribution space was granted by Derby City Council last month, with St Modwen having refined its masterplan to include a fitness trail and wildlife corridor along the River Derwent.
