Derby Council to fund office schemes
Derby City Council is to invest millions of pounds from a regeneration fund to kick-start office schemes in the city.
Using £10m from the council managed Derby Regeneration Fund, 5 commercial office schemes are set to receive investment in an attempt to stimulate the local economy. The plan has been announced at the MIPIM property event in Cannes. Whilst not all of the office locations have been revealed it is believed that schemes at Friar Gate Square, Central Square and St Mary’s Gate are included.
Friar Gate Square in Argent Street (pictured) is a speculative, new-build office scheme that was originally announced in 2009 by property developers Lowbridge. The proposed scheme is for 2 office blocks offering more than 72,000 sq ft of floor space along with some residential accommodation. The buildings are to be constructed along with a car park on derelict land. The scheme is expected to cost in the region of £20m and construction work is set to start in May.
Developers Bolsterstone are expected to receive funding for their 50,000 sq ft Central Square offices scheme. The stalled development was initially scheduled for completion in 2009. The speculative scheme is expected to cost in the region of £12m and will offer flexible office suites starting in size from 2,500 sq ft.
A third, speculative scheme will also see a new-build project increase the stock of Derby offices. Clowes Developments are expected to receive funding for a 3-storey office building, offering 5,500 sq ft of floor space, to be built at 3a St Mary’s Gate. The firm is currently refurbishing offices within a 4-storey, Grade 2 Listed building at 50-51 Friar Gate.
Chief executive, Derby Regeneration Fund Adam Wilkinson said: “We listened to developers and found there was a need for this Fund. We’ve had no real new office development for 20 years – that’s been a failure”.
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