Castleward attracts new business

Compendium Living has appointed leading commercial property consultancy Innes England as agent for Derby’s £100 million Castleward regeneration project.

The East Midlands’ commercial property specialist is already in discussions with several potential new tenants and will now oversee the growing interest from businesses wanting to reap the rewards of the high footfall in the Castleward area.

The first phase of Castleward, covering five acres of land located between Derby Midland Station and the city centre, will feature approximately 16,500sqft of commercial space and 164 residential units, the first new homes to be built in the area for nearly 40 years. 

Neil Walker, project manager at Compendium Living, comments: “The response to the development has been overwhelming and the new homes being built as part of phase one are selling very well. 

“Take-up levels are comfortably above our most optimistic expectations, reflecting healthy demand from home buyers wanting to live just a short walk from the heart of the city centre.”

A parade of 12 retail and commercial units will be completed along The Boulevard, with units ranging from 431 to 3,778 sq ft, a convenience store with 3,977 sq ft of accommodation and a café/restaurant offering 2,756 sq ft of space. Annual rents will start from £8,000.

Nick Hosking, director at Innes England comments: “We are delighted to have been appointed by Compendium Living for such a high profile landmark regeneration project in Derby. 

“The Castleward site extends to some 30 acres and is set in a prime city centre location, adjacent to the inner ring road and sandwiched between Westfield and the railway station. 

“There are a dozen retail units on the boulevard presently under construction, including a new convenience store and café/restaurant unit.

“The fact we have seen so much interest at Castleward illustrates perfectly the demand for this high quality commercial stock, especially considering the first completion dates aren’t until May.

“Retailers are attracted by the city centre location, high footfall and of the prospect of being part of an attractive contemporary urban village.”

In addition to the popular commercial units, the first 164 residential properties, which include a range of  high specification two, three and four-bedroom homes, will be available for occupation from late spring. 

In total, Compendium Living will create 800 new homes and 34,500 sq ft of commercial space at Castleward, with the existing footpath currently linking the railway station to the city centre set to be transformed into a new a tree-lined boulevard.

To find out more about the new commercial units at Castleward, please call Innes England on 01332 362244 or go to www.castleward.co.uk.