A developer says it is putting £46.5 million into building a new business park which could eventually create up to 1,250 jobs.
St. Modwen Logistics is planning to regenerate the 67-acre brownfield site in Wyvern Way, next to the Pride Park football ground.
The site, called St. Modwen Park Derby, will provide more than 850,000 sq ft of logistics and warehousing space.
St. Modwen will soon start work on the first four units, following seven years’ work between the logistics business, Derby City Council and Network Rail.
Polly Troughton, managing director at St. Modwen Logistics, said: “St. Modwen Logistics is committed to investing in regeneration projects with the aim of supporting local economic growth and generating jobs for local communities.”
Coun Steve Hassall, the city council’s cabinet member for regeneration, decarbonisation and strategic planning and transport, said: “This is yet another excellent example of investment confidence in our fantastic city.
"It demonstrates that Derby is not only open for business, but is fast becoming the go-to location for businesses who can see the huge potential of operating from here.”
The first phase of St. Modern Park Derby will comprise investment of £46.5 million to acquire land from joint venture partner Network Rail and deliver the first four logistics units, which will total 303,000 sq ft.
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Those units of 39,000 sq ft, 54,000 sq ft, 79,000 sq ft, and 131,000 sq ft will be built speculatively and are due to be completed and ready for occupation next September.
The second phase is expected to follow within the next two years and will deliver the remaining 550,000 sq ft of warehouse space.
Coun Hassall said: “We are delighted to see St. Modwen bring forward this key employment site to the city.
“The land has been sitting empty for some time and will soon undoubtedly provide a very attractive option for businesses in the region, with easy access to Derby city centre, as well as the A50 and M1.”
According to St. Modwen, the Derby development will offer its most sustainable warehouse space to date.
Gary Walsh, route director at Network Rail East Midlands, said: “We have been working closely with St. Modwen Logistics over recent years to bring this brownfield site forward for redevelopment.
“We’re delighted to have concluded the sale of the land to St. Modwen and look forward to seeing our joint vision come to fruition over the coming year.”