Investment News | 18 July 2023

Derelict city centre properties sale paves way for mixed use scheme

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The company delivering the £200 million Becketwell regeneration scheme has completed the sale of a group of derelict properties in Derby city centre – paving the way for their transformation.

St James Securities has disposed of three properties in Green Lane – selling them to city-based property company Berry Group.

The properties form part of a legacy ownership originally controlled by Debenhams when they traded from the former department store, with the site now home to The Condor, Grainger Plc’s new 259 build-to-rent apartment scheme.

They will be transformed into a mixed-use development, incorporating ground floor commercial units and residential use throughout the remaining parts of the properties.

Paul Morris, development director at St James Securities said: “We are pleased to have concluded the sale of these three very interesting buildings.

“The Berry Group have the required experience and skill set to reactivate these long vacant properties to provide a mixture of commercial and residential space as part of the on-going re-energisation of Derby city centre.”

As part of the on-going regeneration project at Becketwell, land behind The Condor needed to be reconfigured resulting in the disposal of numbers 22-24, 36 and 46-48 Green Lane.

The transaction of the units was brokered by Russell Rigby of Derby-based commercial property consultants Rigby & Co.

He said: “We are really pleased to have delivered a successful outcome for St James Securities.

“Given the rise in confidence levels on streets bordering Becketwell, we believe we have an excellent match-up between an emerging location and the Berry Group, who have already demonstrated that they are skilled at getting to grips with mixed use assets such as these three buildings.”

Alex Cockayne, commercial director at the Berry Group, said: “We are delighted to have purchased these three properties from St James Securities.

“We would like to thank both Rigby & Co and St James Securities for their dealings and co-operation throughout the conveyancing period.

“We are now thrilled to focus our attention on bringing these derelict buildings, which have been empty for over 15 years, back to life.

“These buildings will play a part within the Becketwell regeneration scheme and provide Derby city centre with some much-needed high end accommodation and fresh commercial space.”

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