The latest potential addition to Derby’s city living resurgence has been submitted for planning approval, and is the first scheme in the city to embrace the Private Rented Sector (PRS) or Build to Rent sector.
The 99-apartment scheme, known as Derby Waterside, is planned to replace an empty office building and adjacent land which have been vacant for 10 years. It is situated a few hundred metres from the Council House on Derby’s North Riverside between the popular Exeter Arms and The Tap pubs.
The ambitious plans, drawn up on behalf of landowners Garibaldi Ltd by Marchini Curran Associates, step down from 10 floors and feature a mix of 1 and 2 bed apartments, each with their own balconies, offering views across the River Derwent and UNESCO World Heritage zone.
In addition, there will be commercial space and resident car parking on the ground floor.
Crucially, Derby Waterside is the first scheme to be proposed for the PRS Build to Rent market in Derby. Once completed, the apartments will likely be owned by a major fund who will manage the entire building and offer the apartments on a secure rental-only basis.
PRS schemes have become extremely popular not just in London but in other regional cities like Manchester, Leeds and Birmingham, as they can include associated facilities like social space, gyms and concierge services for the residents - becoming communities in themselves whilst offering tenants the security of longer tenancy periods.
The development is being project-managed by Trevor Lunn of Bridge Bank Properties who said, “All parties, including the planning department and various local residents, have been consulted and through the pre-planning process an exciting development has evolved which takes into account the “Our City Our River” policy of the City Council, creating open space close to the river. On completion the development could have a value of over £12m and it shows the confidence in Derby as a strong regional city from the private sector post Brexit”
Tom Erskine, Inward Investment Executive at Marketing Derby, who have been supporting the business case for Derby Waterside, said, “It is great to see an ambitious proposal for new apartments in Derby city centre. Derby Waterside makes a statement for the future of North Riverside and will bring much-needed vibrancy to this part of the city centre with new residents, new businesses and greater footfall. The Build to Rent sector will become a major focus for housebuilders in the coming years, so to see developers proposing schemes like this is a fantastic boost to city living in Derby.”