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This will trigger the submission of an outline planning application for the comprehensive redevelopment of Becketwell and a detailed application for the first phase comprising a high quality new public square and 342 Build to Rent apartments.
The exchange of contracts on the sites marks a significant milestone in the delivery of the £200 million regeneration project following lengthy negotiations between Derby City Council and St James Securities.
Phase one of the regeneration scheme comprises of plans for 342 Build to Rent apartments on the site of the former Debenhams store on Victoria Street and a new public square on the site of the current United Reform Church as the centre piece of the development.
The new multi-purpose public square will be the centrepiece of the proposed development and will be delivered as part of the first phase of development.
The planning application will also be supported by a request to include a range of other complementary uses of the site, including up to 25,000 sq m of new grade A offices, innovation centre and leisure to complement the residential and a planned multi storey car park with a smaller more intimate courtyard public square called Summerhill Yard to reflect that part of the site's historic street name.
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When showcased at a public consultation hosted by St James Securities in March, the plans received overwhelmingly positive feedback with 89% of respondents in full support of the project.
The vision for the wider site is to create a whole new part of the city centre with its own distinct character and identity. This will take the form of a series of buildings, spaces and views that will enhance the attractiveness and vitality of the city.
The regeneration is expected to draw both office workers and residents to the city centre which will help boost activity outside of traditional retail hours, alongside other benefits.
St James Securities have completed many successful projects of this scale, including St Paul's Place in Sheffield and the award-winning Round Foundry in Leeds.
The work on the demolition of the former Debenhams building is set to start in September 2019, with construction work on the first phase of development set to commence in 2020.
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