The developer behind a proposed £200 million regeneration scheme in Derby city centre has snapped up a key building which lies within the development area.
St James Securities, the company behind the Becketwell scheme, has struck a deal with an unnamed local property company to buy the former Boots pharmacy in Victoria Street.
The Becketwell project will see hundreds of new apartments created, as well as shops, offices and public open space.
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The first phase of the proposed scheme, which is due to be considered by Derby City Council’s planning committee next month, is set to include a new public square.
According to St James Securities, the land on which the former Boots store stands will form a gateway to the public square.
The deal for the property follows the acquisition of the former Pennine Hotel, NCP Car Park and Laurie House in Colyear Street, which were contracted by St James Securities at the end of August as part of a deal with Derby City Council at which time an outline planning application was submitted.
The regeneration of the Becketwell area of the city is expected to bring numerous benefits, including a re-population of both office workers and residents to the city centre.
It is also hoped that the substantial levels of investment proposed at Becketwell will provide confidence for further new investment in surrounding areas of the city centre.
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The work on the demolition of the former Debenhams building is ongoing with construction work on the first phase of development set to commence later this year if the city council gives the green light.
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Ahead of the planning meeting, modifications were announced to the residential element of the scheme, which will be located on the ex-Debenhams store site.
The original plan to build 342 build-to-rent apartments in two buildings, the tallest of which would extend up to 19 storeys in height, has been replaced by new proposals to create approximately 224 apartments over a maximum of ground plus 10 storeys.
The second, smaller building fronting Green Lane and Victoria Street will be five storeys and will be developed separately.
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Commenting on the acquisition of the former Boots building, Paul Morris, director at St James Securities, said: “We are committed to the development of the Becketwell area and are pleased to have this property under our ownership.
“Further acquisitions are set to be made in the coming weeks, which will enable us to move forward with phase one of the scheme, subject to a favourable planning decision next month.
“It is our aim to have all the land within the Becketwell scheme either directly in our ownership or under our control which, coupled with our comprehensive delivery programme, will enable us to deliver a scheme that will contribute to the social, economic and environmental fabric of the city centre going forward.”