Investment News | 25 June 2024

Why we invested in Derby: Wavensmere Homes

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With no less than three major schemes currently either being built, to be built or in planning – Wavensmere Homes is a developer which very much sees Derby city centre as the place to invest.

Derby’s ‘residential revolution’ is resulting in thousands of new homes being built in the city centre.

Currently, almost 8,000 city centre residential units are proposed, in planning, under construction or completed.

And Birmingham-based Wavensmere will be responsible for delivering many of them.

The firm has almost finished delivering the £175 million Nightingale Quarter scheme, which will see 925 new homes built on the site of the former Derbyshire Royal Infirmary in just five years.

Working alongside Clowes Developments, it has recently received planning permission for a £75 million project to transform the derelict Friar Gate Goods Yard site into a mixed-use scheme, featuring 274 homes.

And Wavensmere is also hoping to build a major apartments scheme in Full Street, on a site near to the River Derwent.

Speaking at a panel discussion held during UKREiiF, in Leeds, last month, managing director James Dickens, explained why Wavensmere had decided to invest so heavily in Derby.

He said: “It is a city with the highest average salaries outside of London and the South East – they got me at ‘hello’!

“We love Derby. The planners at Derby City Council have been great and the team at Marketing Derby have been very good to us after bringing us in originally.”

With the Nightingale Quarter scheme now nearing completion, James said he is particularly excited to bring forward the Friar Gate Goods Yard scheme.

He said: “The star of the show on this site is the Bonded Warehouse.

“The building is so special – and will create around 100,000 sq ft of high spec commercial space, including a restaurant and co-working space.”

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