Investment News | 15 March 2022

Development partner announced for future Becketwell scheme phases

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The developer behind the £200 million regeneration of the Becketwell area of Derby has announced its development partner for future phases of the scheme.

According to St James Securities, Peveril Securities, which is the development arm of the Bowmer + Kirkland Group, has brought “significant financial weight” to phase two of the scheme, which includes the delivery of a new 3,500 capacity performance arena for the city.

Plans are currently being drawn up for future phases of the scheme, which are set to include a range of other complementary uses of the site, including new grade A offices and commercial space, a hotel, and a multi-storey car park.

Paul Morris, development director at St James Securities, said: “This is another significant financial commitment from a very well respected and locally-based company, which is one of the biggest players in the region.

“Their financial strength secures the future of the site and will enable us to forge ahead with multiple projects at the same time.”

Ralph Jones, managing director of Peveril Securities and main board director of Bowmer + Kirkland, said: “St James Securities has a track record of delivering high quality regeneration schemes in other cities and we look forward to bringing our financial strength, development and construction expertise to this exciting project.”

To date, the Becketwell scheme has attracted significant investment.

This includes Grainger, the UK’s largest listed provider of private rental homes, which is fully funding, acquiring and operating the £37.375 million build-to-rent scheme, which is a major part of the scheme’s first phase.

Derby City Council has assisted with land assembly for the development and will be acquiring the performance venue and ASM Global, the world’s leading venue management and services company, will be operating the venue on a 30-year lease.

Funding for the Becketwell project includes £8 million in Local Growth Fund investment from the D2N2 Local Enterprise Partnership.

Now, Peveril Securities, which specialises in investment and development both in a sole capacity and in joint ventures, has come on board.

This latest announcement is expected to provide confidence for further new investment in surrounding areas of the city centre.

Work on phase one of the Becketwell scheme is currently underway, with the construction of 259 one and two-bedroom apartments on the site of the former Debenhams store, in Victoria Street.

This will be complemented by a new public square on the site of the former Central United Reformed Church, with completion scheduled for spring next year.

In October, the city council granted planning permission for the new 3,500 capacity performance venue on the site of the former Pennine Hotel, Pink Coconut nightclub and Laurie House offices.

Demolition work will start next month, with construction work set to commence in January 2023 next year. Completion and handover to the operator is expected in late 2024.

Mr Morris said: “Over the past five years, we have been real trailblazers, prepared to take on a site that had failed multiple times and putting together a scheme which will change the face of the city.

“We are delighted that Peveril Securities share our ambition for Derby city centre and look forward to working together to encourage additional investment to the city.”

Mr Jones said: “We have been following the progress of the Becketwell area of Derby with interest over the past couple of years and are delighted to be involved in such a transformational scheme, which is local to Peveril Securities.”

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