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DERBY CITYSCAPE UNVEILS MAJOR REPORT
Derby Cityscape will launch an independent report into the economic health of the city to the international property community at the annual MIPIM development show in Cannes next week.
The report, which was unveiled at the show as part of Derby and Derbyshire’s overall bid to attract inward investment, was commissioned from independent experts Knight Frank.
The report highlights the city’s strong economic proposition - declaring it an ‘economic growth hotspot’ - and Derby Cityscape, the urban regeneration company spearheading the £2 billion regeneration of the city centre, is confident that it will be received well by potential investors.
Key findings include:
• Derby’s economy has grown at a faster rate in the last decade than any other city in the UK with employment growth ranked in the top five of the UK’s cities
• The city centre office market will be transformed over the next 12 to 18 months – in line with Derby Cityscape’s target of 1.4 million square feet of new offices over the next ten years
• Investment is likely to remain strong in the city centre, despite the squeeze in credit markets
• The opening of Westfield Derby has repositioned Derby as a major retail destination and should establish the city as a magnet for mainstream and emerging retailers who may not have previously considered locating to the city
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• Strong house price growth (86% compared with national growth of 65%) and 5,000 new units proposed in the city indicates the confidence in the city’s residential market
• Derby is quickly becoming a place for both young professionals and families to live – offering an increasing range of leisure and recreational amenities. The population is set to rise from 235,000 in 2006 to 239,000 in 2011 with the biggest increase in the number of 25 to 34-year-olds and then 45 to 54-year-olds.
Derby Cityscape Chief Executive John Cadwallader said: “This report strengthens our ‘sales’ message to the international development community and clearly shows that Derby is a thriving city which is ripe for further investment.
“MIPIM has traditionally generated some excellent business leads for the city as it is an event that attracts companies who are looking to invest in up and coming areas.
“The market activity report, coupled with news about our plans for driving forward the North Riverside and Castleward areas of the city and backed by the overall upbeat messages from our partners, will make our proposition at MIPIM extremely strong this year.
“I am confident that our presence there will reap many rewards.”
To view the full report click here