How will Derby’s new developments in 2023 affect the local property market?
Derby is the epicentre of the UK and a leading city in the East Midlands, driven by its growing employment base. While the city’s roots can be traced back to the industrial era, its collection of international companies is drawing more young professionals to the city each year.
With the likes of Rolls Royce and Bombardier Transportation employing both students and graduates, almost half of Derby’s population is under-35, making up a significant proportion of the city’s renowned tenant demand. As a myriad of regeneration schemes continues to anchor more young professionals in the city, the Derby property market is expected to reflect this positivity in 2022 and beyond.
Discover some of the new developments in Derby in 2023 that are driving the popularity of the city and helping create a market ideal for buy-to-let assets.
Nightingale Quarter is an ambitious housing scheme in central Derby aiming to satisfy the growing demand for property across the city. Nightingale Quarter will emerge from a £150 million investment comprising two distinct phases – one for houses and one for apartments.
Located on what was once the Derbyshire Royal Infirmary site, this project is one of the biggest regeneration schemes in the UK, covering more than 18.5 acres. Phase one included the construction of 125 two- and three-bedroom houses, which was recently completed. The second and final phase of the scheme is to deliver 675 apartments across the site across 2023, along with exclusive amenities.
While Nightingale Quarter will provide contemporary housing, the project will continue to pay homage to the site’s historic past, with the iconic Pepper Pot buildings set to be repurposed into a café, gym, exhibition space and meeting rooms. Not only will Nightingale Quarter deliver amenities and living solutions in a single location, but the development is just a short walk to the city centre and train station, as well as being under a ten minute drive from the city’s renowned university.
Becketwell Performance Arena
The Derby City Centre Masterplan is at the heart of the city’s regeneration, with clear intentions of transforming Derby into a thriving hub for both living and working. A key project within this scheme, and a vital component to boosting the city’s amenities, is the regeneration of Becketwell Performance Arena.
Amongst the wider Becketwell regeneration project, Becketwell Performance Venue will be a flexible space to stage concerts, live theatre, exhibitions and much more. With the capacity to host up to 3,500 spectators, the completion of Becketwell performance venue is expected to entice around 250,000 additional visitors to Derby each year.
Delivering more than £10m per year to the local economy, Becketwell Performance Venue will not only attract more tourists, it will also stimulate further inward investment and bring around 2,000 more jobs to Derby. With construction already underway, this will signify the beginning of Derby’s bright future.
Castleward Urban Village
To complement Derby’s growing amenities, there will be thousands of new homes introduced across the city in the coming years. The Castleward Urban Village is a £108 million regeneration scheme set to create an ‘urban village’ within the centre.
Spanning a 12-hectare brownfield site, the Castleward Urban Village has already delivered 164 new homes and 12 commercial units so far, but is on track to deliver an additional 672 homes. As well as delivering residential and commercial properties, the Castleward Urban Village will also include a primary school, which residents of both this development and the Nightingale Quarter will have access to.
With the increasing number of attractions and amenities that are emerging from Derby’s regeneration projects, an increase in the city’s population is inevitable. This growing population will most likely translate into a rising demand for property, which has made the Castleward Urban Village and Nightingale Quarter priority projects for Derby City Council.
Silk Mill – The Museum of Making
Silk Mill is an iconic piece of heritage for Derby, and will long be a landmark within the city. To preserve Derby’s rich history, but to maximise Silk Mill as an attraction, this destination is an integral part of the city’s ongoing regeneration projects. From combining the old and the new, Derby Silk Mill – Museum of Making emerged.
Derby Silk Mill – Museum of Making is a recent addition to the city, and showcases Derby’s industrial roots, which can be traced back over 300 years. With Silk Mill being recognised as one of the world’s first modern factories, it’s an integral part of Derby’s past achievements. However, this new and improved destination is also focused on the future, offering learning programmes and activities for those eager to learn more.
The Assembly Rooms
The Assembly Rooms is one of the latest additions to Derby’s regeneration projects, with the project securing an additional £20 million in January 2023 as part of the government’s Levelling Up scheme. With the local council’s ambitious plan to deliver a connected space consisting of retail, leisure and accommodation, the rejuvenation of the Assembly Rooms will play a key part in this.
The delivery of the Assembly Rooms will see a contemporary, large-scale entertainment and conference venue come to the city centre, which will work towards raising the profile of the Market Place. The regeneration of this space will focus on customer-facing areas, and will include a remodel of the entrance and auditorium to maximise the potential of this destination.
Once completed, the Assembly Rooms will be a flexible and diverse destination within the city, managed exclusively by the Derby LIVE team. With a proven track record of delivering events, performances, festivals and everything in between, the Assembly Rooms will be another exceptional addition to Derby’s unique amenities.
Arguably one of the biggest regeneration projects within Derby, the rejuvenation of Market Hall is worth over £11.2 million, and is aiming to transform the Grade II Victorian building into ‘everything Derby’. Originally built in 1866, the regeneration of Market Hall will be delivered in two phases.
The first phase of the scheme includes an extensive roof restoration, which was undertaken to maximise the building’s lifespan. Following the completion of this in 2022, the second phase of the project will begin, and will reconfigure both the building’s interiors and exteriors.
With an overall forecasted completion of 2023, Derby Market Hall will eventually house a diverse range of attractions, focusing specifically on food and drinks vendors.
Councillor Matthew Holmes, Deputy Leader of Derby City Council and cabinet member for planning, environment and regeneration, said: “The Market Hall will support innovation and training, as well as housing, making and selling. New business will reflect the spirit of Derby and capitalise on the cultural opportunities provided by the city. It’s a vision we call ‘Everything Derby’”.