2. Biz Network May 2021 39-76.qxp_Chamberlink 30/04/2021 09:34 Page 70
PROPERTY
Derby shows ‘Cannes do’ attitude It may not have been the sunshine and blue skies of Cannes, but the first-ever online Derby City Embassy showed a bright future ahead for the East Midlands city. More than 200 delegates logged on to the virtual event in March for an exclusive insight into the city’s economic recovery strategy. They heard from representatives of two major Derby investors, Cale Street and St James Securities, who explained why they were heavily backing the city. The Embassy, which showcases Derby’s major schemes and investment opportunities, is normally held during the MIPIM international property investment show, on the French Riviera, but was moved online following its postponement due to the pandemic. It began with the event’s host, Marketing Derby managing director John Forkin, citing two influential reports that both predict a strong economic recovery for the city following the impact of the coronavirus crisis. The PwC-Demos Good Growth for Cities study ranked Derby as a top 10 city for post-Covid economic recovery, while the UK Powerhouse report by legal and financial advisor Irwin Mitchell predicted Derby’s GVA would increase by 25% in the second quarter of this year. Mr Forkin said: “The strength of Derby is measured by the strength of our economy – and Derby punches above its economic weight. “These studies show others believe that too. Pulled together, this forms the basis of our pitch to investors and the wider world as to why Derby is the place to invest.”
‘We need to plan for change. Our city centre needs to be adaptable’ Councillor Matthew Holmes, deputy leader of Derby City Council, shared a plan for the city’s recovery based on three key elements – confidence, diversification and decarbonisation – and stated the local authority was eager to collaborate with businesses and investors. He explained how Derby had attracted £267m of public investment to support key local projects, including the Becketwell area regeneration (£45m) and SmartParc food manufacturing campus development (£17m), which would leverage a further £750m of private sector cash. Many of Derby’s key projects are included in a recently-published online Investment Prospectus, which showcases 17 major investment opportunities at various stages of development with the potential for a major economic boost. During the pandemic, Derby received a significant vote of confidence when major investors reaffirmed their commitment to ploughing almost half a billion pounds into key schemes in the city. Among those investors was Cale Street, the London-based Kuwait Investment Fund, which last year took full ownership of the Derbion shopping centre from Intu and has pledged further investments. Ken Ford, an advisor to Cale Street, explained how the fund was drawn to Derby because of its “macro fundamentals”, such as
Becketwell Arena is a key part of the redevelopment of Derby city centre (below)
location, infrastructure and its highly-skilled and highly-paid population. But he also said the city’s wider regeneration “gave us confidence”, adding “what’s good for Derby, is good for Derbion”. The Embassy also heard from Paul Morris, director at St James Securities, the developer behind the £200m Becketwell regeneration scheme, which will include a new 3,500-capacity performance venue. Work on the first phase is due to begin soon and he explained how the scheme would create a new
“beating heart” in the city centre, built on the ethos of “work, live and play”. He said: “This is how city centres are having to evolve – and it is an ethos at the heart of our vision for the site.” Derby City Council’s new director of city development and growth, David Fletcher, explained how the authority was creating a framework for change, designed to help meet evolving consumer behaviours and working habits, boost the city’s cultural offer, encourage city living, improve mobility and make it greener, while bringing in new industries and creating jobs. He added: “We need to plan for change. Our city centre needs to be adaptable. We cannot assume that the future will be like the present. We want to inspire confidence and have a clear sense of direction for the city centre.”
Development could put Matlock on the map
The new Matlock Spa residential development. Inset: Mary Gharmount
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A new residential development in Matlock could help it rival other spa towns, believes a lawyer who helped the first homes complete. Mary Gharmount, a solicitor at law firm Nelsons, made the comments after the first homes were placed on the market at the Matlock Spa site, which will eventually comprise 494 apartments and houses across five distinctive spa villages, creating a community of about 2,000 people – roughly 10% of the Peak District town’s population. Nelsons has been closely involved in setting up the site and overseeing sales, the first of which was a £465,000 penthouse in the first Gateway Spa phase of the Rifkind Associates development. Mary, a senior associate in Nelsons’ commercial property team, said: “This is a significant development for Matlock. A new residential development of this size is exactly what people wanting to move away from the city and into a more rural area are looking for. “It will no doubt generate a rivalry to those living in other spa towns of Bath and Buxton.” Alongside the residential aspect of the development – where homes are built using locally-sourced Birchover stone – Matlock Spa will also boast a new country park and embrace the “healthy town” model, promoting fit and active lifestyles while simultaneously protecting local ecology and Derbyshire heritage.
