COMMERCIAL PROPERTY UPDATE: DERBYSHIRE

Market Overview News

Regeneration continues apace in Derby with plans or a further £1 billion of investment following the completion of Jurys Inn, Quad, and Westfield to name but a few. The Council are seeking to improve the leisure offering with proposals for a Velodrome and Olympic sized swimming pool, whilst firmly backing further regeneration following the announcement of a £10m fund to provide capital injection into the existing pipeline of new projects. 

The new bus station has recently opened forming part of the first phase of the Riverlights scheme, greatly improving the public realm in this area of the City, whilst the opening of the two new hotels and casino are scheduled for the final quarter of this year. 

On the retail front Westfield Derby are anticipating 5 new openings within the next few months including; Duck & Cover who will be opening their second UK retail store after the recent opening of their flagship store in Birmingham, testament to Derby’s recent rise in the CACI national retail rankings.

The letting of 31,000ft² at Cardinal Square to NHS Derby City by Nurton Developments is the largest office letting in the City for more than a decade. It is not only second hand space that is moving, as construction work is well under way for a 12,500ft² HQ for Porterbrook by Cedar House Investments.

Land releases for redevelopment include the 21 acre former College site for mixed use development to the west Derby suburbs with a  further 18 acre site adjacent to the City Centre is anticipated to be available in 2011 will undoubtedly attract significant interest.

Recent industrial deals include the sale of 60,000ft² to HW Martin at Somercotes and 30,000ft² of lettings at Langham Park’s Berristow Lane scheme at J28 M1.

Derby is well placed and with a proven track record to deliver, the challenge is to ensure that the next £1bn is as successfully delivered.