DERBYSHIRE ECONOMIC REVIEW: RUSSELL RIGBY, RIGBY & CO
As the Derby city centre continues its rapid and impressive physical transformation, we speak to Russell Rigby from commercial property consultants Rigby and Co about the impact of the changes that have taken place over the past 12 months and take a look ahead at the next wave of development that is set to take place across the city:
In the past, Derby may have been criticised by outsiders for dragging its feet with regard to the speed of its regeneration programme – but not any more. The impact of the wide-scale regeneration, which is currently taking place across the whole of the city is clear for all to see and the next 12 months will see further hotel, office and leisure developments brought forward and planning permission secured for a range of iconic schemes.
The Westfield shopping centre, which opened its doors to shoppers in October 2007, is now nearing completion with the imminent opening of the new multiplex cinema and accompanying restaurants and bars.
This development, to the south of the city centre, has had a catalytic effect in driving forward a number of initiatives within the northern part of the city, which is now known as The Cathedral Quarter. This resulted in businesses based in the area voting to become Business Improvement District towards the end of last year.
The Cathedral Quarter is home to Derby’s independent shopping area, together with complementary food and drink outlets and some of the best cultural facilities in the city. Somewhere in the order of £100million worth of investment is likely to pour into this area over the next few years in the form of a number of significant new developments are nearing completion.
QUAD, Derby’s new £10.4 million visual arts and media Centre, is set open later this summer on Derby’s Market Place.
The Cathedral Quarter Hotel, on St Mary’s Gate, has now officially opened and construction work is also underway on King Street, with a new 226 room hotel for Jury’s Inn heading for completion in 2009.
Also in the Cathedral Quarter, work is now at an advanced stage on the construction of a new footbridge across the River Derwent from Cathedral Green to North Riverside. Work is also soon to begin on Cedar House Investments’ City Gate House, the first substantial speculative office development in the city for more than 15 years.
In tandem with the concentrated level of activity focused on the city centre, much good work is now underway in the rest of the city. The race is on to see which of Derby’s two largest new employment zones can be on site first.“
