Prosperity Capital Partners

Derby in the City

Guests at Marketing Derby's London Embassy, held on the 34th floor of Broadgate Tower, courtesy of global law firm Reed Smith, heard how Derby has significant investment opportunities, backed-up by a strong supporting economy.

Marketing Derby MD, John Forkin, presented a compelling case for the city and county to a room of investors and developers, confirming Derby as the number one city in the UK for disposable income.

With over 4,000 residential units under construction, in planning or completed in its square mile city centre, Derby is firmly on the radar of residential investors.

Keynote speaker, Ed Fowkes, COO at Prosperity Capital Partners, spoke about the multiple investments it had already made in the city and the confidence it had in the viability of future schemes in Derby.

Also speaking at the event was Donna Smith, Sales Director at Wavensmere Homes - a recent investor in the city through the acquisition of the Nightingale Quarter; a landmark 20-acre site based in the heart of Derby city centre, offering a true regeneration opportunity to help shape place. Donna spoke of Derby as an untapped city for investment and opportunity.



Significant Step Forward for Masterplan

Derby's City Centre Masterplan has taken a major step forward as two developments have been given the green light. 

Both Bondholder Prosperity Capital Partner's £23m student block, and 500-home Nightingale Quarter by Nightingale Quarter Estates have been approved by Bondholder Derby City Council. 

Prosperity's 319-bed student complex will be situated next to fellow Bondholder Derby College's Joseph Wright site, at the junction of Cathedral Road, Willow Row and Walker Lane.

The complex will include a nine-storey block and an eight-storey block.

After his scheme gained approval, Gavin Barry, Chief Executive of Prosperity Capital Partners, said: "It's great news. I'm pleased with the result but not surprised because it's a great scheme. We're looking forward to getting started."

Councillors also approved The Nightingale Quarter.

The development will encompass 500 homes, restaurants, retail, office space, as well as a public park. 

Martin Rawson, Deputy Leader of Derby City Council, said: "I welcome news that both Prosperity Capital Partner's 319-bed student complex, and the 500 home Nightingale Quarter development, have been given the green light.

"Both developments represent a significant step forward in the delivery of the City Centre Masterplan, and will have a positive impact on the city. "

Bondholders Win Big at Property Dinner

The Insider East Midlands Property Dinner took place last week, celebrating the strength of the region's property and construction sectors. 

A number of Bondholders walked away as winners, including Derby City Council, Compendium Living, Turner & Townsend, Ian Hodgkison, 3aaaProsperity Capital Partners and the University of Derby.

Derby City Council won the Design Excellence Award for the iHub at Infinity Park Derby. 

Judges were impressed that the finished project stuck almost completely to the original concept, including a number of quite complex elements. This was a testament to the strength of the design.

Compendium Living's Castleward scheme won the Regeneration and Restoration Project of the Year Award. 

The judges stated that the mixed-use scheme has been a catalyst for the regeneration of a key site between the railway station and city centre. Buildings which have stood empty for years have now been snapped up by investors who have bought into the vision Castleward represents.

Turner & Townsend walked away with the Client Adviser of the Year Award. 

Judges said Turner & Townsend add value from the beginning to end of the projects they're involved in. They offer a true advisory role to ensure the client is consistently updated and reassured at all stages.

National Construction Academy, run by Bondholders Ian Hodgkinson and 3aaa,  was awarded Skills and Apprenticeship Scheme accolade. 

Judges congratulated Ian for doing something about the skills shortage, including taking his message to Westminster. 

Cathedral Court, a student accommodation scheme involving Bondholders Prosperity Capital Partners and the University of Derby, walked away with the highly coveted Property Deal of the Year Award.

The judges stated that this scheme was an innovative solution to a long-standing problem; a building earmarked for office use where there was no demand for it. Prosperity Capital successfully negotiated some tricky hurdles to turn into student accommodation, including a problematic section 106 agreement and ended up attracting institutional investor Aviva. This clever deal has made the city more attractive to both investors and students. 

Prosperity Rising for Derby's Students

“We are delighted to see this latest development scheme involving bondholder companies working together, as the student accommodation sector in Derby continues to go from strength to strength.

An additional 300 students moving into the city centre will continue to see city businesses benefit from the increased vibrancy they bring.

Marketing Derby have worked closely with Prosperity Capital Partners on Cathedral Court, and will continue to do so going forward.”
— Tom Erskine, Marketing Derby
 

London-based Prosperity Capital Partners has announced plans to develop a second student accommodation building in Derby.

Following on from its successful £20.3m, 350 unit Cathedral Court scheme, which opened this September, plans have now been submitted to develop around 300 units in a new building on Cathedral Road.

The deal was brokered by Rigby & Co, alongside FHP, on behalf of the owner,  Peter Gadsby of Cedar House Investments.

Peter Gadsby said: “We considered a number of different commercial and residential schemes for this site, but ultimately were satisfied that Prosperity Capital Partners will meet the growing expectations of Derby’s student market – and this deal ensures there will be development activity in this region."

Gavin Barry, CEO of Prosperity Capital Partners, added:  “We were keen to build on the success of our Cathedral Court scheme and develop further high quality, contemporary accommodation for Derby’s students. These kinds of developments are incredibly important to the city’s economic wellbeing and provide invaluable support to Derby’s student population. It has been a pleasure working alongside Peter Gadsby and Rigby & Co to conclude this deal.”

 

Derby's City Living Boom

Derby's city centre residential market is booming, with nearly 2,400 new properties built, or in construction, according to Bondholder Derby Telegraph. 

The city's residential revolution is showing no signs of slowing down as further new-builds and conversions bringing investment to the city centre.

This revolution has been kickstarted by the student accommodation market - out of the 2,388 new properties built in the city centre, 722 are student accommodation. This includes 128 apartments in converted Roman House by Bondholder StudioUS, and a 350-bed student accommodation development on Cathedral Road by Bondholder Prosperity Capital Partners. 

Developer Jensco has received planning permission to build a further 244 student apartment next to its One Friar Gate Square development in Agard Street.

A number of new homes have also come, or are in the process of coming, to market in the city centre, including the new Weaver's Point development from Bondholder Radleigh Homes, which comprise of 35 luxury apartments. 

We’re very excited about investing in Derby over the next 10 years. I’d like to do more student accommodation in Derby and we’re looking at other sites but, in addition to that, my vision for Derby is the build-to-rent sector. I think Derby is a prime city for build-to-rent.
— Gavin Barry, Chief Executive at Prosperity Capital Partners

These are joined by the apartments at One Cathedral Green, which all sold within months of going on sale.

A major success story of Derby's residential revolution has been Bondholder Compendium Living’s £100m Castleward development, which once completed will create an 800 home Urban Village in the heart of the city, mixing residential with retail and leisure. Phase 1 of the scheme has already completed with phase 2 set to begin soon.

Derby's residential revolution began two years ago at MIPIM UK, with the launch of the City Living brochure.

John Forkin, Managing Director of Marketing Derby, said: "Two years ago we launched a campaign to attract residential investment to support Derby's growth ambitions.

"We had a tremendous response and some of the buildings recently constructed, or currently going through planning, are a direct result of this.

"The past ten years' regeneration has made living in Derby city centre a more attractive proposition."

City Scheme Shortlisted for Top Award

Our criteria for the nominated projects focused on sustainability, good design, and interaction and engagement with the local community.
— Jef Todd, Regional Chairman of the East Midlands Forum for the Built Environment

A student accommodation scheme, delivered by Bondholder Prosperity Capital Partners, has been shortlisted for a regional award.

Cathedral Court has been named as a finalist in the East Midlands Forum for the Built Environment Awards, which recognises the teams behind the region's best construction projects. 

Situated on Cathedral Road, the accommodation offers the latest in premium student living for more than 350 students and has been nominated in the residential category. 

Jef Todd, Regional Chairman of the East Midlands Forum for the Built Environment, and Director at Bondholder BSP Consulting, said:  'We had an excellent array of nominations from across the region and across a range of sectors, illustrating the high standard of developments that are being completed in the East Midlands.' 

The winners will be announced this Thursday.

Panel talks future of Derby

Various topics were covered in yesterday's Q&A panel at Marketing Derby's Property Summit event such as Chief Executive of D2N2 LEP David Ralph's take on devolution deals and extra government funding and a UK property developer's failing plan to keep Derby a secret from other London investors.

David Ralph said the absence of a devolution deal covering Derbyshire and Nottinghamshire means the area is potentially missing out on £2billion of extra government funding.

He added: "I don't hear anyone clamouring for a mayor of Derby, Derbyshire, Nottingham and Nottinghamshire. I don't think it's a fantastic model, but it is one the Government insists on. I think financially we would lose out. Ministers are on record saying areas with mayors will be advantaged. This means, I think, potentially, we are missing out on £2billion."

Gavin Barry, Chief Executive of Prosperity Capital Partners - the company behind the University of Derby's Cathedral Court development - said the story of Derby is trickling down to London investors. He said: "I want to keep Derby a secret to keep the competition out. Derby's on their radar now. The cat is out of the bag and it's great for Derby. To be fair, I do shout about Derby because I think it is a place that has huge potential. We, ourselves, are committed to Derby. We like what we see and we'd like to do more here."

Russell Davies of Smith Partnership spoke about the need for the city to focus on retaining talent from graduates after their time at university. He proposed that the University's shift towards the city centre - with its new Law School at Friar Gate Square - could be key to changing Derby.

I want to keep Derby a secret to keep the competition out. Derby’s on their radar now. The cat is out of the bag and it’s great for Derby.
— Gavin Barry, Chief Executive of Prosperity Capital Partners

Cathedral Court ready to go

Derby Property Summit sponsor Prosperity Capital Partners is set to deliver the 350-bed Cathedral Court on Cathedral Road in Derby's city centre to the University of Derby in August 2016.

Student development funding specialists, Prosperity, secured £20 million from Aviva Investors REaLM funds in June 2015. This followed planning consent being granted in March 2015, after a lengthy collaboration between developer London & UK Property, Marketing Derby and the Local Planning Authority.

As part of this agreement, the University of Derby will operate the building on a lease period of 30 years under their Derby Student Living brand.

Designed by GT Architects, the development consists of 350 units arranged in cluster flats with communal living areas, laundry and on-site management.

With the building nearing completion, Gavin Barry, CEO of Prosperity, confirmed that following the success of working in Derby on this project, his company is keen to follow it up with further city living developments in the student and Build to Rent sectors.

Prosperity Capital Partners is a Parter for the 2016 Derby Property Summit.
 

Derby hosts its major Summit

Tomorrow at Derby's iPro Stadium, over 360 UK property professionals will hear from guest speakers and our Q&A panel about the latest developments and investment opportunities in Derby.

This year's theme is Thinking Global, Acting Local and host Declan Curry will welcome special guest speaker Courtney Fingar, Editor-in-Chief of Financial Times' fDi Magazine who will speak about the timely topic Brexit: Be Careful What You Wish For? Christine Durrant, Strategic Director of Derby City Council, will talk about how the city's masterplan is being delivered.

A guest panel, which will answer questions from the audience, includes Gavin Barry from Bondholder Prosperity Capital Partners (the investors behind the new student development, Cathedral Court), David Joy, Chief Executive of Bondholder LCR, David Ralph, Chief Executive of D2N2, Alexandra Notay of the ULI (and independent consultant) and Russell Davies from Bondholder legal firm Smith Partnership.

In anticipation of this year's Derby Property Summit, Deputy Leader of Derby City Council, Martin Rawson, said: "We are moving full steam ahead on delivering our Masterplan with the aim of levering billions of pounds of investment, creating new jobs and delivering new homes.  We want to develop a vibrant city centre which will be a City of Choice, a Business City, a Living City and a Connected City. Investors and businesses have been integral partners in the progress so far and we will need constructive and mutually-beneficial partnerships to drive forward the next wave of regeneration successes."

Sponsors of this year’s event include Smith PartnershipJustin Smith ArchitectsProsperity Capital PartnersLCRCompendium Living and Harrington Land.