Derby City Council has exchanged contracts today for the purchase of the former Debenhams building on Victoria Street and six related properties on Green Lane and Macklin Street in Derby city centre, while also exchanging contracts for the sale of Eagle Market to intu as a separate transaction. These deals will unlock major redevelopment opportunities in the rundown Becketwell area of the city.
The purchase of the 110,000 sq ft vacant, former Debenhams building will be finalised by the end of this month. The other properties included in this transaction are numbers 22, 24, 36, 46 and 48 Green Lane and 12 Macklin Street. The buildings were acquired for an undisclosed sum.
These key sites will act a catalyst to regenerate the Becketwell area through a public-private partnership.
Derby City Council started the process of consolidating land in September 2014 with the purchase of Duckworth Square. The land assembly will be completed with these latest property purchases.
Becketwell will see a mix of development uses including residential, leisure and retail.
The D2N2 Local Enterprise Partnership has provided a £4m facility for the purchase and preparation of the site for regeneration.
Martin Rawson, deputy leader of the council, said: “We are confident that together with the private sector we can turn this neglected part of the city into a vibrant, thriving residential and leisure district.
“This area has been crying out for modernisation and development. There have been years of market failure to revive this part of the city due to fragmentation of property ownership and other factors, the council is now taking the lead to rectify these problems in order to stimulate investor confidence.”
Rawson will take recommendations to cabinet this month for the comprehensive redevelopment of the area. Becketwell forms part of the city centre masterplan and will be a key priority for Derby at next week’s MIPIM event in Cannes.
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