St. Modwen, the UK’s leading regeneration specialist, and Network Rail have announced the signing of a new joint venture development agreement to transform the last available significant parcel of land adjacent to Pride Park in Derby.
Initial proposals for the 70 acre site are for an employment-led scheme, to complement existing development in the area, which, since the mid-1990s, has become a popular location for businesses across a broad spectrum of industries and professions, including corporate and financial services occupiers.
The joint venture agreement will enable St. Modwen and Network Rail to move forward with transforming the site, bringing about new employment opportunities and creating high quality office and warehouse accommodation, as well as other uses, found on a modern business park, to meet market demand.
The site located off Wyvern Way, is bounded by the River Derwent and once developed will create an attractive and easily accessible location for businesses.
An outline planning application will be submitted to Derby City Council next year that will provide further details of the proposals for the site, which is already allocated for employment uses.
Peter Rudd, senior development surveyor at St. Modwen, said: “We’re pleased to have the opportunity to work with Network Rail and take forward the redevelopment of this strategically important location in Derby.
“The site benefits from its close proximity to Derby train station and city centre amenities. It is located directly off the main A52, which provides businesses with easy access to other East Midlands business centres, including Nottingham, as well as to the M1, which is within three miles.
“Pride Park is a regional success story, having been transformed over the last 15 years to one of the premier business destinations within the East Midlands. We are looking forward to developing our plans for the site in conjunction with Network Rail and to adding to the existing business offer in the area.”
Stuart Kirkwood, property development director, of Network Rail added: “Network Rail is committed to realising the potential of its estate in order to invest in the railway. The signing of this joint venture development agreement with St. Modwen will enable the transformation of this 70 acre site owned by Network Rail into a business friendly location aimed at providing high quality and diverse employment-led accommodation.
“Pride Park is already home to many high quality businesses, and also to Derby County FC. We are therefore looking forward to working closely with St. Modwen on the plans for the site and to bring forward a scheme that compliments existing developments and creates new employment opportunities.”