Derby City Council has announced plans to build speculatively 31,000 sq ft of Grade-A office space in the heart of the city centre.
Following the success of the Connect Derby office schemes, which provides award-winning space for start-ups and small businesses in growth, the City Council is set to respond to demand from larger businesses in the city.
Traditional development processes include 15-year leases and 18-24 month lead times, which many businesses are no longer able to accommodate and is one of the main reasons Derby has such a lack of Grade-A office space in the city centre.
The site for the £6.37 million development is on Bold Lane, adjacent to the existing Sadler Bridge Studios, with construction due to start later this year and completion in 2019/2020.
Martin Rawson, Deputy Leader and Cabinet Member for Regeneration, said, “This new model of office development is the next step for helping smaller businesses to grow, develop and generate more jobs and to improve developer confidence. The Council is already in discussion with a number of interested businesses and they are excited at the prospects.”
John Forkin, Managing Director of Marketing Derby, said, “This is a significant announcement for the city centre economy. Quality office space is desperately needed and we expect this development to let very quickly. Hopefully it will act as evidence for private developers that newly-built office schemes are a sound investment in Derby.”