Derby council has begun a search for a partner to deliver the £100m regeneration of the 22-acre former Rolls-Royce works in Osmaston.
The council, in partnership with Rolls-Royce, is looking for £8.1m of finance from its chosen development partner.
It will create a local asset-backed vehicle to hold the land and secure the finance for the development. The land will be sold in phases to the development partner at a value to be agreed as part of the developer procurement process.
The proposals form a key part of the city’s local plan.
The first phase of the 35-year development will include 330 new homes and a primary school. The council said it hoped that the residential element of the project would provide greater leverage for borrowing.
Rolls-Royce will put the land – where the iconic Silver Shadow used to be manufactured – into the jv free of charge and pay for any remediation works. The site became surplus to requirements in 2007, when manufacturing moved to nearby Sinfin.
Interested parties have until 11 May to submit bids for the opportunity.
