St Modwen and Network Rail have signed a 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, designed to complement existing development in the area.
The joint venture agreement will allow St Modwen and Network Rail to move forward in transforming the site, bringing about new employment opportunities and creating office and warehouse accommodation, as well as other uses to meet market demand.
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 at Network Rail, added: "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."
Innes England is the appointed joint agent for the scheme alongside Savills.
Nick Hosking, director at Innes England’s Derby office, commented: "It is hugely encouraging to see such a prime employment site being brought forward. Effectively the land is an extension of Pride Park and hopefully the scheme will prove equally successful in providing a massive new employment boost to the city complementing the ongoing regeneration of the city centre."