Major Regen Opportunity Attracting Interest

Substantial interest by developers has been shown in the former Debenhams building on Victoria Street in Derby city centre, with the deadline for expressions of interest approaching.

The Council’s strategic property advisors, Cushman and Wakefield, which is managing the sale of the property, say expressions of interest have been received from a wide range of specialist developers and investors across the East Midlands region as well as national and international attention to the development opportunity.

The building and associated properties with a footprint of about 110,000 square feet (10,200 square meters) was bought by the Council in March 2017 and immediately put on the market with a view to regenerating this area which has long been in decline.

Deputy Leader of the Council, Martin Rawson, said, “The decision for the Council to intervene in this area following years of market failure in order to remove barriers to development is the right thing to do. We’re seeing this with the incoming expressions of interest from quality developers and investors, who are all bringing some exciting visions to rejuvenate this area. I expect a recommendation to come forward in the winter for a Cabinet decision early in the New Year.”

Describing the sale of this building as a “very exciting mixed-use development opportunity in the heart of Derby”, Associate Director of Cushman and Wakefield Liam Davies says it “will act as a catalyst for the regeneration of the Becketwell area.”

Any enquiries should be made to Liam Davies at liam.n.davies@cushwake.com.