Derby’s Riverlights complex has been made available for purchase following three years of investment and asset enhancement.
Moorfield Group, a London-based asset management company purchased Riverlights in 2015 for £16.5million. At the time of purchase, the complex had seen a lack of investment since opening, whilst ground floor retail units had continued to lie empty.
Moorfield bought the complex with the intention of improving its value through a scheme of redevelopment and proactive lettings.
After three years of work, that process has finished. The hotels, Premier Inn and Bondholder Holiday Inn, have now taken leases of the ground floor units, leaving only the rear one available, above which a new gym is set to open, a new digital advertising screen is due to be installed and the cladding above the bus station has been cleaned and repaired. Moorfield have also provided greater security, improved public realm and supported pop-up events from Bondholders Derby Quad and University of Derby, in addition to Bustler Market and Feste.
This has led to an increase in value with the scheme being marketed for £21.5million.
John Forkin, Managing Director of Marketing Derby, said, “Following Moorfield’s scheme of improvements, Riverlights is seeing greater footfall. We are pleased to see that the investment has paid off for them and we look forward to welcoming the new owners in due course, and working closely with them to continue the improvement of this part of the city.”
He continued, “Derby City Council has plans for the future of the River Gardens which will have an impact, whilst the Bus Station extension and Riverlights Phase 2 development site offer the opportunity to make this a key location in the St Peter’s Quarter.”