This month we wanted to use our Bulletin to focus on the gathering momentum behind redevelopment in Derby City Centre.
As with many high streets, it has seen a downturn over recent years as the retail and employment landscape has dramatically changed. It takes years to tackle these issues but in essence, the driver has to be to get more people living and working and spending their leisure time in the city centre.
To that end Derby has been lucky enough to have two ‘big wins’ in short succession. The £35 million refurbishment of the newly opened Market Hall has created a vibrant space for shopping, eating and entertainment, whilst showcasing one of the finest Victorian buildings in the region.
BB&J Partner Mark Richardson commented:
”The Market Hall has already drawn new visitors to the City Centre. I know several owners of independent businesses in the retail and leisure sectors who report they have had an upturn in business and are seeing customers who haven’t visited before. At the same time as the Market Hall has reopened, we are very pleased to bring to the market a fantastic mixed use investment opportunity, which has immense potential and is strategically positioned fronting the Market Place right next to the Market Hall and the attached Guildhall.”
The other big win is the newly opened Vaillant Live venue, which is a brand new state of the art facility with a capacity of 3,500 in an auditorium designed for concerts, concerts, and large scale performances. Located right in the city centre, it already has listings for a wide variety of entertainment which can be found here. The venue forms the latest part of the Becketwell Regeneration Sheme, sitting right next to the Condor Luxury Apartment Scheme with some 250 residences.
Between the Market Hall and Vaillant Live is the vibrant Sadler Gate, home of Derby’s independent retail sector. Currently undergoing something of a ‘Carnaby Street’ makeover, with newly painted colourful and vibrant shopfronts, it is home to a number of boutique high-end shops and restaurants.
Heading up BB&J Commercials Agency arm is Cameron Godfrey who has negotiated numerous sales and lettings in the area. Cameron commented “We’re seeing a genuine step-change in how Derby City Centre is perceived as whenever we have a unit for sale or to let around the city centre, we always gain a good amount of interest.
We have recently completed on the sale of a beautiful old building on Sadler Gate which is to re-open as a Vietnamese restaurant with investors very keen on mixed-use properties and those with potential for residential conversions, the latter illustrating the fact that Derby is an increasingly desirable place to live.”
Cameron has also just completed on the sale of two listed buildings in nearby Friar Gate which got a huge amount of interest and will shortly be undergoing full refurbishment to provide high end accommodation.
The valuation of development schemes in the City Centre is something BB&J specialise in, providing valuations for bank lenders and developers on a variety of projects in both the public and private sector including apartments, HMO’s and commercial schemes.
Mark Richardson commented, “the demand for smaller scale ‘green shoots’ redevelopment opportunities complements very well the larger schemes, such as the Market Hall and Vaillant Live, which come from a mixture of ambitious developers and public finance. The smaller projects are providing very high end accommodation, and are putting some real value back into older properties. The combination of small and large scale investment represents a real boost of confidence in Derby City Centre as a place where people want to come and live and work, and at BB&J Commercial we are very pleased to play our part in making it happen.”
