Commercial units at £37m apartments scheme come to market

Tenants are being sought for the commercial element of a £37 million build-to-rent development being constructed in the heart of Derby city centre.

Commercial property consultancy Rigby & Co has been instructed by Grainger Plc to find occupiers for the two units at The Condor, the new 259 apartments scheme being constructed in Victoria Street.

The scheme forms part of the £200 million Becketwell regeneration scheme, which is being delivered by St James Securities.

Two ground floor units are available, sized 2,366 sq ft and 4,158 sq ft respectively. Both units are suitable for a variety of uses including retail, leisure, office and food and beverage services.

Russell Rigby, managing director of Rigby & Co, said: “We are thrilled that the UK’s largest listed residential landlord has chosen Rigby & Co to find two commercial tenants for The Condor, which is already rapidly transforming the skyline of Derby city centre.

“Having helped put the original deal together on behalf of St James Securities with Grainger, we have in-depth knowledge of the workings of the site and its enormous benefits and are already in discussions with a number of restaurants, cafés and other retailers who are keen to secure representation in the heart of the city centre.”

The two commercial units sit on the ground floor of the residential tower with frontage to Victoria Street, which links with the intersection of St Peter’s Street and the Cornmarket and will become a key destination within the heart of Derby city centre.

Unit 1 benefits from full width frontage to the proposed new public square, which is scheduled for completion in March, with some external seating available.

Both units will be ready for occupation at the end of Q1, 2023 when The Condor will reach practical completion.

The Becketwell regeneration scheme is the most significant urban regeneration scheme in the city for more than three decades.

It aims to create a vibrant, exciting, new quarter of residential, commercial leisure activity in the heart of Derby city centre.

Phase one involves the delivery of The Condor, the city’s first ever purpose-built, build to rent scheme, which will be owned and operated by Grainger, along with the creation of the new multi-purpose public square.

Phase two of the scheme includes a major £45.8 million 3,500-capacity performance venue, which will be operated by ASM Global.

Future planned phases of the scheme include the potential for a range of other complementary uses of the site, including new grade A offices and commercial space, a hotel and multi-storey car park and purpose-built student residential.

Mr Rigby said: “With Derby’s new 3,500 seat performance venue under construction alongside The Condor, the vibrancy and footfall around this site, at the heart of the historic core of the city centre, will radically change and improve over the next couple of years.”