Urban renewal and regeneration specialist Compendium Living has been chosen as the preferred developer for Derby’s £100m Castleward Urban Village development.
The announcement was made by Derby City Council’s chief executive Adam Wilkinson this morning at the annual MIPIM event in Cannes.
The residential-led scheme will provide more than 800 new homes on a four-acre brownfield site which centres on a pedestrian-friendly boulevard from Derby railway station to the city centre. The 10-year project comprises four phases and work is expected to start on site in spring 2012.
Councillor Harvey Jennings, leader of Derby city council, said: “Castleward will replace a 30-acre brownfield area of the city with a sustainable community including extensive affordable housing, schools and community spaces. It will provide a fantastic lift for the city and embodies our ambition to continue to invest in Derby.”
Compendium Living – a joint venture between Lovell and Riverside – has won the contract to be the council’s development partner for the scheme’s first phase, which will be built on a key gateway site into the city and on land provided by Derby city council and the East Midlands Development Agency. The Homes and Communities Agency is also providing funding.
As well as the boulevard, the first phase will include around 70 homes, 27,000 sq ft of commercial space, community facilities and a new central park/square. The completed scheme will also boast two schools, community facilities and local shops.
Once the development agreement is finalised, Compendium Living will submit a masterplan for the whole site and apply for outline planning permission for the entire scheme along with a detailed application for the first phase.
Knight Frank and solicitor Freeth Cartwright provided property, procurement and legal expertise to the council and its partners.
lisa.pilkington@estatesgazette.com
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