Investment News | 18 August 2021
Work starts on next phase of £100m Castleward scheme
Work has started on the latest phase of the £100 million Castleward regeneration scheme in Derby.
Following the successful completion of two previous phases – and with all open market sale homes now sold – regeneration specialist Compendium Living has started work on site on phase three.
The firm, which is jointly owned by housing developers Lovell and housing association Riverside, is providing a total of 800 new homes at Castleward.
The third phase will consist of 82 one-bedroom four storey apartments, along with two-bedroom apartments and maisonettes.
Castleward is one of Derby’s largest housing projects – and is designed to meet the growing demand for new homes in the city centre.
The development, which sits between the Derbion shopping centre and Derby Midland Station, will see 15 to 20 years of redevelopment and will generate green space and 35,000 square feet of commercial retail space.
The regeneration of Castleward also includes a new £7 million 315-place school with a 39-place nursery being constructed by Morgan Sindall, which is set to open this September.
The first of 54 homes on phase two of the development began to take shape in 2019, and all homes released onto the market have now sold out, reflecting the strong market conditions and high demand for new homes in the area.
The third phase of homes at Castleward, which is set to be built on brownfield land on John Street, have been designed to appeal to first-time buyers, downsizers, commuting professionals and growing families.
Dave Bullock, managing director at Compendium Living, said: “Our commitment to Derby over the last eight years has enabled us to provide a wide selection of desirable homes, along with a variety of commercial premises, in an area with local educational, health and employment facilities which guarantee a sustainable future for residents.
“We are delighted to be continuing our investment and providing excellent facilities for the wonderful community in this city – and we look forward to welcoming more residents over the coming years.”
Ian Woodland, regional development lead at Riverside, said: “Riverside is delighted to be part of the Castleward regeneration and we’re pleased with the high quality of homes being built.
“This location is very popular with local people looking for a new home.
“We’re also grateful for Derby City Council’s support in delivering the homes and we’re excited about the forthcoming phase of the scheme.”
Stuart Penn, regional managing director for Lovell Partnerships, said: “Castleward is a regionally significant scheme that is successfully revitalising a previously underutilised area of Derby city centre, creating much-needed modern, high-quality homes.
“The multi-tenure development has been making a difference since the first phase started in 2014, which brought forth an initial 164 homes – 130 of which were for open market sale.
“This provision of excellent housing provision through regeneration is the driving force behind Compendium Living, as well as Lovell Partnerships’ wider Midlands agenda, and so we’re pleased to see this next phase of work begin.”
