Deal signed on £100m Castleward scheme
The long-awaited revamp of Derby's Castleward area has been given a boost as regeneration specialist Compendium Living signed a deal worth £100m with Derby City Council. The pair said the deal signalled the start of a major 30-acre development comprising 800 homes, a school and commercial space.
The transformation, which was first announced several years ago, will provide a new link between Derby Midland Station and the Westfield shopping centre.
Compendium Living will develop the existing industrial and amenity space in the Castleward area into 800 new homes, 215,000 sq ft of commercial space, community facilities, leisure opportunities and a school.
Dave Bullock, managing director of Liverpool-based Compendium Living, said: "The regeneration of Castleward signifies a new era for life in Derby, really setting the standard for development and becoming the city’s new front door.
"Living or working in the new Castleward will mean being able to take advantage of everything Derby has to offer right on its doorstep.
"Above all, we look forward to being able to give Derby something it can be proud of."
The project will also include major improvements to the Bass recreational ground and include more than 200 affordable homes.
Compendium Living said it hoped to submit a planning application for the first phase of the development early in the New Year.
Phillip Hickson, leader of Derby City Council, said: "We are delighted to be working with Compendium Living to revive the Castleward area of the city. This project will deliver major regeneration benefits and provide a fantastic boost for the city. The development of this sustainable community embodies our strident ambition to attract investment into Derby despite the tough economic climate.
"Castleward is a key element of the Council’s ongoing commitment to stimulating the local economy. We believe that the Castleward will provide a high quality residential neighbourhood with the many benefits of city centre living and this will support Derby’s quality of life offer."
