The agreement for the purchase of the former Debenhams building (pictured) in Derby city centre, has been completed today (March 30).
This £2.3m deal means that the former Debenhams building can be put on the market as part of Derby City Council’s Becketwell regeneration scheme. Funding for the project came through £4m of Local Growth funding provided by the D2N2 Local Enterprise Partnership (LEP).
D2N2 is the Local Enterprise Partnership for Derbyshire and Nottinghamshire and works to grow its areas economy, with the aim of creating 55,000 new jobs in ten years (2013-2023). As part of this aim, D2N2 has an allocation of Local Growth Funding, which is used for projects across its area which will boost business infrastructure, regenerate areas and create jobs. The Becketwell regeneration scheme is one such project and will look to see the former Debenhams store and Duckworth Square regenerated, with the aim of creating new homes, jobs and business space.
The sale is being handled by Derby City Council’s strategic property advisors Cushman and Wakefield, who have advised that central location of the site is suitable for retail, leisure and residential uses. Now that the initial purchase of the site from former owners Intu and the Ford Family Trust has been completed, initial site preparation works can get underway, making it more viable for development by commercial partners.
Derby City Council sees the redevelopment of the site as an important part of its City Centre Masterplan, which will look to transform Becketwell into a vibrant part of the city.
When completed, Derby City Council estimates the Becketwell site project will produce:
- 99 new homes
- 142 full-time equivalent jobs
- £29m in investment levered in from other public and private sector sources
- 3 hectares of redeveloped brownfield land
- 1,336 square metres of commercial floor space.
Deputy Leader and Cabinet Member for Regeneration and Economy at Derby City Council, Cllr Martin Rawson, said: “Facilitated by funding from the D2N2 LEP, the Council has taken decisive action which I hope will encourage and inspire owners of dormant land and properties in the vicinity to bring forward proposals that will help transform this area into a bustling and vibrant part of the city.”
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