Latest News | 15 July 2021
Cranes back on the skyline: How investors' faith is paying off
Major investors took to the stage at this year’s Derby Property Summit to share the reasons why they are ploughing hundreds of millions of pounds into Derby.
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.
Now, as the country continues to emerge from such a traumatic past year or so, those investments are starting to become tangible developments.
Among those investors is St James Securities, the Leeds-based company delivering the £200 million Becketwell regeneration scheme in the heart of the city.
Built across a number of phases, this major mixed-use scheme is set to revitalise and reinvent this part of Derby, creating over 2,000 jobs and delivering a significant economic boost to the city centre.
At the Derby Property Summit, Paul Morris, director at St James Securities, updated delegates on the progress of the Becketwell scheme – which, over the last few months, have been rapid.
Just a couple of weeks ago, a ceremony was held to mark the start of piling works for the first phase, which involves the construction of 259 build-to-rent apartments – forward funded, acquired and operated by Grainger plc, the UK’s largest listed provider of private rental homes – along with the creation of a stunning new public square.
Meanwhile, work is already underway to bring forward phase two of the scheme, which will feature a new 3,500-capacity performance venue, managed and operated by ASM Global.
Future planned phases include a range of other complementary uses, including up to 25,000 square metres of grade A offices and commercial space, a hotel, and a multi-storey car park.
Paul told the summit: “Live, work and play is my mantra – and what we are doing at Becketwell is a microcosm of that. It has a mix of uses which embody live, work and play.
“After four years, we are now on site. It takes an awful lot of hard work to get to that point, much of which is unseen. In fact, I nearly shed a tear when I saw the piling rigs.
“Before our involvement, the site itself had experienced so many false starts – but we could see the potential and a way of unlocking it. We saw an opportunity in a city that had all the right ingredients.
“I can reveal that a crane will be up on the site by next Thursday. Cranes will be back on the skyline once again in Derby – and I know how significant that sight will be to other investors.
“Also on Thursday, we will be submitting our planning application for the performance venue following an extensive public consultation.”
Another major investor in Derby is Cale Street – the London-based Kuwait Investment Fund – which last year took full ownership of the Derbion shopping centre from Intu.
Ken said: “I am often asked why Cale Street invested in a shopping centre. We were attracted to Derby for a number of reasons, including the opportunity to participate in the city regeneration strategy.”
Cale Street has pledged further investments in the centre to enhance the customer experience – and is making good on its promise.
Investments include revamping the food court and spending £450,000 to create ticketless, cashless car parking.
And it is also working hard to attract new major names to the centre, such as Tommy Hilfiger and Mango.
At the summit, Ken also revealed that it was close to concluding deals with “exciting brands” for the vacant Top Shop and Debenhams stores.
He also talked about the Eastern Gateway, a project to transform the entrance to the Eagle Market, creating a welcoming arrival from the bus station, which has attracted financial support from the Government’s Future High Streets Fund with support from Derby City Council.
Ken said: “We’re delighted to be partnering with the city council on this exciting new project, which will include an urban park.”
Finally, Derby City Council’s chief executive Paul Simpson addressed the summit, outlining some of the progress that has already been made on some of the city’s major initiatives, many of which are detailed in Derby’s latest Investment Prospectus and film.
He explained how many of those schemes were moving from aspirations to tangible projects.
Speaking at the summit, Paul said: “Things are happening in Derby and it is fantastic to see. We are delivering on our promises.
“There is a sense that Derby is finally going places. It is making significant progress and building confidence.”
To watch the Derby Property Summit please click here.
