Property group secures deal for prominent city centre building

An independent property developer has announced it has completed the acquisition of a prominent heritage building in Derby city centre.

Cavendish & London Property Group has sealed a deal for The Royal Buildings, a mixed-use building at the junction of Cornmarket and Victoria Street.

The company has said it now intends to bring the building forward as a “key commercial asset”, with detailed redevelopment plans to follow.

Founded and led by regeneration specialist Atish Parmar, Cavendish & London Property Group has built a reputation for transforming overlooked and underutilised buildings into high-performing, community-focused assets.

Atish, who is managing director of Cavendish & London, said: “The Royal Buildings is a landmark. Our vision is to respect its heritage while unlocking its full commercial potential for the next generation.”

The Royal Buildings is a long-established feature of Derby’s skyline and occupies a central position within the city centre.

Its acquisition comes amid growing investor interest in Derby, driven by comparatively lower entry costs, transport connectivity and demand for modern mixed-use space.

Cavendish & London said its approach will balance heritage considerations with commercial viability, with an emphasis on long-term use rather than short-term redevelopment.

The group expects the project to support local employment during the redevelopment phase and contribute to wider economic activity in the city centre.

While specific uses have not yet been confirmed, Cavendish & London said proposals will be shaped through engagement with local stakeholders and will focus on sustainability, placemaking and long-term value creation.

Atish added: “We believe the East Midlands is one of the most underappreciated regions in UK property.

“This project reinforces our belief that thoughtful regeneration can deliver strong returns while genuinely improving places and lives.

“Our intention is to get people back into the city centre and we are helping other optimistic contributors to ensure collaborative private and public sector investments will ensure our high streets are taking the step we all want to see.”

The Royal Buildings is the latest city centre property to be snapped up by Cavendish & London.

Last summer it added 4-16 St James’s Street to its portfolio, which is occupied by tenants Leek Building Society.

And in 2024, the firm completed a deal for 18-22 St James’s Street.

Further details on the scale, timeline and intended use of The Royal Buildings are expected to be released once consultations are complete.

FHP Property Consultants acted on behalf of the seller in the deal.

Tom Wragg, director in FHP’s retail and leisure team, said: “I am proud to have been involved in the sale of this historic building and excited to see Cavendish & London’s plans for the property, which will unlock its full potential.

“As the appetite within institutions and major funds for regional retail and leisure investments cools, we are seeing strong interest from regional investors who can really get to grips with properties and add value through proactive asset management and redevelopment.

“This particularly applies to places such as Derby where the city is seeing huge amounts inward investment from both private and public sectors.”