The £100 million redevelopment of ground between Derby city centre and the railway station has moved a step closer to commencing. Although the redevelopment of the area will take roughly ten years to complete, commercial property consultants have now been confirmed.
The scheme, named the ‘Castleward project’ is being developed by Compendium Living. But taking on the consultancy role, is a Sheffield based Lambert Smith Hampton (LSH) who will acquire over 30 acres of the land.
Speaking of the redevelopment, Councillor Harvey Jennings, Council Leader, expressed: “Castleward will replace a 30-acre brownfield area of the city with a sustainable community of something like 800 homes, including extensive affordable housing, schools and community spaces. It will provide a fantastic lift for the city and embodies our ambition to continue to invest in Derby.”
As well as acquiring the land, LSH will be responsible for helping the current vendors of the land, which are mainly car parks and industrial units to relocate. LSH will also be responsible for managing vacant commercial properties as and when they arise.
Speaking of their role, Matthew Barnsdale, Project Director at LSH, put across: “We are delighted to have been appointed to this landmark project, which will herald a new era for Derby city centre. With several sites having already been brought forward by Derby City Council, it is fantastic to be finally making headway with a development proposal that has been widely publicised for many years.”
Although the redevelopment of the area will take approximately a decade, the developers have split the scheme into two phases. They are hoping to start the first phase next year, which will include the construction of the pedestrian-friendly area, along with 70 homes.
It seems that everyone has nothing but praise for this scheme, as Derby City Council Leader, Councillor Philip Hickson, stated: “This project will deliver major regeneration benefits and provide a fantastic boost for the city. Castleward is a key element of the council’s ongoing commitment to stimulating the economy.”
But with the rise of vacant commercial properties and banks keeping a tight leash on their lending, will LSH have an easy job getting the commercial properties occupied? Or will they add to the ever growing vacant property list? We will have to wait and see, but things could be very different in ten years time.
