A £200 million plan to regenerate a rundown area of Derby city centre has been given the green light.
At a meeting of the city council’s planning committee last night, councillors voted overwhelmingly in favour of the Becketwell regeneration scheme.
The project will see the area transformed, with a mixed-use development built featuring new homes, offices, retail and leisure space, along with a multi-use public square.
READ MORE: {}
Although the city council received some objections to the proposals during the public consultation period, the scheme attracted strong support from the city’s business community.
In order to address concerns about the scale of the proposed new buildings, last month, Leeds-based St James Securities, which is spearheading the project, announced some tweaks to the development.
Its original plans included a 19-storey building, accommodating 246 apartments, flanked by a nine-storey building with 96 apartments.
The proposals have since been revised, with the larger building reduced to approximately 224 apartments over a maximum of 11 storeys, including the ground floor.
The second smaller building fronting Green Lane and Victoria Street was reduced five storeys, including the ground floor.
Most Read
As well as creating hundreds of new homes, the development will bring new office space, which could accommodate around 2,000 staff.
A report, prepared by the city council’s planning department ahead of last night’s meeting had recommended the Becketwell scheme be approved.
It said there was a “clear and compelling” need to regenerate Becketwell and the scheme had the potential to “secure a multitude of benefits”.
Want more business news straight to your inbox?
BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
Now, the project, which will be built over a number of phases, can proceed after the city council granted outline planning permission.
It is understood that St James Securities is now currently working with investors to fund the project.
Speaking last month, Paul Morris, director of St James Securities, said: “We are committed to delivering a comprehensive regeneration scheme for Derby city centre which will be fundable and above all implementable.
More Derbyshire economic development stories
Don’t miss
“We are currently working with a select number of funds who are keen for us to deliver a scheme that is a suitable fit for a city the size of Derby.”
Becketwell will be one of the major schemes that will be showcased at this year’s MIPIM international property investment show.
The event, which takes place in Cannes next month, attracts investors from across the globe.