Talking Business Live: The reasons behind city’s residential renaissance

Developers have been sharing the reasons behind Derby’s residential renaissance at Marketing Derby’s latest Talking Business Live session.

Over the coming years, over 5,000 more extra people will be living in the city centre, thanks to brand-new large-scale developments such as Castleward, Nightingale Quarter and Becketwell, as well as smaller scale conversions of existing buildings.

The Talking Business Live session, hosted by Marketing Derby’s managing director John Forkin, brought together a panel who all shared a connection with the city centre property scene, whether it be as a developer/investor or an end-user.

Together, they explored the rationale underpinning the rapid growth in residential projects.

Kicking things off was Dave Bullock, managing director of Compendium Living.

In many respects, it was Compendium who kicked off Derby’s residential renaissance.

It was the first to put spades in the ground when it started work in 2013 on the first phase of the £100 million Castleward scheme, which will deliver hundreds of new homes, as well as commercial/retail space.

To date, 218 homes have been completed, with things due to ramp up from the start of next year as it embarks on the next 330 properties, with CPOs in place for a further 300.

He said: “We set out to create something unique, somewhere young people would want to move to and take advantage of the nearby facilities.

“What we have created so far is place that has a real sense of community, with a number of independent shops and a zen-like calm, with its green spaces.

“The majority of purchasers are first-time buyers and more than half are local.”

Among those purchases is Castleward resident Russell Jacobs, a software developer who moved from London to Derby, but still works for his London employer.

He said: “There were many reasons why I moved to Castleward. The proximity to the train station was high on the list. The 90-minute journey from Derby to London is comparable will many commuting routes from Kent and Surrey – but travelling from Derby I can get a seat!

“My wife and I are keen runners and there are some good routes on our doorstep, we have Bustler Market, whose pop-up food and drink scene is similar to London – and of course we have two of the best real ale pubs in the country on our doorstep.

“The community is new and edgy – there’s a lot of alternative shops, and I’m a regular at our local vegan café.

“We have a more balanced lifestyle now – and I know many of my colleagues have re-evaluated where they want to be and moved out of London to commute.”

Another major residential development on which work has recently started is the first phase of Becketwell, which involves the creation of 259 build-to-rent apartments in the heart of the city centre operated by Grainger Plc.

Paul Morris, development director at St James Securities, which is delivering the scheme, said: “I saw how city living evolved in Leeds. With some of the schemes the sense of community was missing – they were built for sale or with investors in mind.

“At Becketwell, as with Castleward, we are aiming to deliver a place where people can live, work and play.

“It was important that the build-to-rent apartments was the first phase in order to start that community.”

As well as the large schemes, smaller developers are also getting in on the act. Among them is The Sadler Gate Company, operated by directors Ryan Slater and Mitch Shore.

One of the firm’s most recent purchases came this summer, when their firm bought retail unit in Sadler Gate.

Speaking at the session, Ryan said: “We saw a gap in the market to take the derelict upper floors of retail units in the city centre and bring them back.

“We are both from Derby and have a real passion for the city.”

Mitch said: “It’s about taking these beautiful old buildings and breathing new life into them.

“We are very excited about our Sadler Gate project, and the conversion should prove popular with workers and students.”

The final speaker was Lucy Smith, director and head of investment at property management firm Hands-Off Properties, which she started with her husband.

The firm manages properties across the city, providing guaranteed rents for landlords – and maintaining its portfolio to a high standard.

She said: “We deal with a range of clients, offering high-quality homes to professional tenants, maintaining them to a standard that makes them want to stay. We are also passionate about regenerating empty properties.

“My husband and I now live in the city centre, so we have first-hand experience of the product.”

To view the full discussion click here.