Insider Media Limited

A £10m cash pot is being made available for the regeneration of Derby, it has been revealed. And it has emerged private sector companies could claim funding of up to £4m per scheme to deliver property projects with Derby Council as the investment partner.

Speaking from the MAPIC retail conference in Cannes, Marketing Derby managing director John Forkin told Insider the fund shows Derby has "ambition".

Forkin, who is encouraging businesses to invest in Derby at the event, said: "It shows the city council continues to have ambitions for the city. This initiative improves the viability of some of the key commercial property sites in the city.

"These are really difficult times but it's important for all cities to have the courage not to abandon all their plans as investors will be looking to see who is giving it a go."

He said Derby has been actively encouraging investment opportunities in the city by attending MAPIC and will be going to the MIPIM event next year. Another investor event is being lined up in London next February before the city hosts a "mini-MIPIM" next May.

The city aims to bring forward 1m sq ft of commercial property offices with planning permission to be developed by investors.

Forkin added: "We have to change the perception of the place and that takes time. We have to stick at it and show the progress that has been made in the last three years."

Forkin is placing particular emphasis on the city's £50m Riverlight scheme where 50,000 sq ft of property is available for development.

He said: "We are gathering the contacts and raising the profile of Derby. We are the number one high-tech knowledge city in the UK and have the highest salaries outside London."

Talking of the £10m fund, Adam Wilkinson, chief executive of Derby City Council, said: "An essential next step in Derby’s regeneration is the construction of the new commercial office space right in the heart of the city centre.

"This will complement the massive retail and leisure investment of the past few years by putting more suits on the street and thus support the day trade of local businesses.

"We are looking for imaginative applications from developers who are serious about taking forward their schemes with Derby City Council as a potential investment partner."

Councillor Harvey Jennings, leader of Derby City Council added: “We are totally committed to maintaining Derby’s regeneration momentum and this fund recognises the need for the public sector to take a lead in these difficult times.

“We understand that the market climate and the credit crunch had prevented important developments from being taken forward and we want to use the regeneration fund to help unblock this.

Derby Council has hailed the fund as a "massive statement of intent" and is set to release further details on the cash pot at a launch event on Tuesday.

Funding from £400,000 to £4m per project will be available to private sector companies including "landowners, developers and owner occupiers seeking to deliver property projects with Derby City Council investment partner".

A website at www.derbyregenerationfund.co.uk has been setup for anyone to express an interest in bidding for funding.