Investment News | 21 July 2021
Work starts on first phase of £200m Becketwell regeneration scheme
Work has officially started on the first phase of a £200 million project to regenerate the Beckwetwell area of Derby city centre.
At a recent ground-breaking ceremony, Councillor Chris Poulter, leader of Derby City Council, was joined by representatives from developers St James Securities, main contractor GMI Construction, funders Grainger Plc and other key stakeholders.
Phase one of the scheme includes 259 one and two-bedroom build-to-rent (BTR) apartments, which will be forward funded, acquired and operated by Grainger, the UK’s largest listed provider of private rental homes.
The centrepiece of the development will be a new public square on the site of the former Central United Reformed Church, which will also be delivered as part of the first phase.
The ceremony marked the start of piling works on the site of the former Debenhams store in Victoria Street, which, along with the neighbouring church, was demolished to make way for phase one.
It is hoped that work on the first phase will be completed by early 2023.
Meanwhile, work is already underway to bring forward phase two of the scheme, which will feature a new 3,500-capacity performance venue on the site of Laurie House offices and the former Pink Coconut nightclub, which will be 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.
Overall, more than 2,000 jobs are anticipated to be created by the development.
Dan Murray, construction director at St James Securities, said: “More than three years since we first visited the site, we are delighted to see construction work start on this landmark regeneration scheme for Derby.
“This project will be transformational – allowing hundreds of people to live in high-quality homes in the heart of the city and breathing new life into an area which has been challenged for many years.
“We look forward to delivering a scheme that will revitalise this long-neglected area of the city and contribute to improving the overall vibrancy and attraction of the city centre.”
Funding for the Becketwell project includes £8 million in Local Growth Fund investment from the D2N2 Local Enterprise Partnership.
Councillor Poulter said: “This brilliant project is an important component of the Derby Recovery Plan.
“The ambitious development at Becketwell will diversify the economy and is an example of how we are creating a modern, SMART city, with jobs for the future.
“It’s fantastic to reach this historic milestone and we are proud of the vital role Derby City Council has played in making this happen by assembling the land and securing the D2N2 LEP investment.”
