Investment News | 12 April 2022

Work begins on third phase of £100m Castleward scheme

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Work on one of Derby’s key residential schemes has advanced to its third phase, according to the joint venture delivering it.

The £100 million Castleward scheme is housing provider’s Lovell Partnerships’ ongoing joint venture with housing association Riverside through the Compendium brand.

The development is set to create 800 homes over the next two decades to meet growing demand for high-quality housing in the city.

The mixed tenure third phase of work at Castleward will see former brownfield land in John Street transformed into a mix of one- and two-bedroom apartments and maisonettes, with 55 no sale units and 27 units being provided to Riverside as affordable housing.

Chris Timmins, area director for Lovell Partnerships in the East Midlands, said: “Currently, there is a huge demand for city housing, which means we have to think creatively about how we can use derelict or unused land in cities to maximize space.

“Castleward is an impressive venture where we have a real opportunity to revitalise a small part of Derby and create a multi-faceted community that local people can be proud of.”

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