St Modwen and Network Rail have signed a joint venture development agreement to redevelop the last available major parcel of land adjacent to Pride Park in Derby.
The joint venture agreement will enable the pair to move forward with redeveloping the 70-acre site to create office and warehouse accommodation.
An outline planning application will be submitted to Derby city council next year that will provide further details of the proposals for the site, which is already allocated for employment uses.
Peter Rudd, senior development surveyor at St Modwen, said: “Pride Park is a regional success story, having been transformed over the past 15 years to one of the premier business destinations within the East Midlands. We are looking forward to developing our plans for the site in conjunction with Network Rail and to adding to the existing business offer in the area.”
Stuart Kirkwood, property development director of Network Rail added: “Network Rail is committed to realising the potential of its estate in order to invest in the railway. The signing of this joint venture development agreement with St Modwen will enable the transformation of this 70-acre site owned by Network Rail into a business friendly location aimed at providing high-quality and diverse employment-led accommodation.
“Pride Park is already home to many high-quality businesses, and also to Derby County FC. We are therefore looking forward to working closely with St Modwen on the plans for the site and to bring forward a scheme that complements existing developments and creates new employment opportunities.”
annabel.dixon@estatesgazette.com
