GAS-BOTTLING WORKS SALE PAVES THE WAY FOR £8M URBAN VILLAGE
Date : 09.01.08
Multi-million-pound plans to redevelop an area of Derby have moved a step closer.
Derby Cityscape is planning to create a new "urban village" in the Castle Ward area of Derby, consisting of 2,500 new homes, ranging from apartments to family housing.
But a stumbling block to the £8m plan was that businesses displaced by the project would need to find alternative sites.
Now East Midlands Development Agency has confirmed it has bought part of the former British Oxygen Company site, in Raynesway, to provide an alternative base for the businesses.
Derby Cityscape says around a dozen unnamed Castle Ward businesses have already expressed an interest in moving, resulting in hundreds of jobs staying in the city.
Emda, the Government's regional agency responsible for delivering economic growth, said the move would also give some of the relocating businesses the opportunity to expand, increasing their potential to create extra jobs.
"We are very pleased to have secured this site," said Anthony Payne, director of land and development at Emda.
"It's a priority for us to ensure that the businesses at Castle Ward have the opportunity to relocate to a suitable location elsewhere within the city and this site will make a major contribution to this objective."
The £8m vision for Castle Ward was unveiled by urban regeneration company Derby Cityscape in October.
Castle Ward, which is a mix of residential and business premises near the railway station, is bounded by London Road, Traffic Street, Station Approach, Railway Terrace and Midland Road.
Its plans for the area also include a half-mile long continental boulevard, linking Derby's railway station to the city centre, which would be lined with shops, flats and offices.
The former BOC site, is being developed by Pride Park-based Cedar House Investments, under the banner of Axion Business Park.
Emda has bought 5.8 acres of the 10-acre BOC site, which was once used for bottling gas, for an undisclosed sum.
As a result, Cedar House will begin preparing the land for redevelopment, which includes demolishing existing buildings, installing utilities and a new access road.
It is expected that the site will be ready for the businesses to move into from the start of next year.
"The preparatory works at the site should be completed by mid-summer this year," said Mr Payne.
"We will carry out detailed discussions with the potential occupiers to ascertain their exact requirements."
Chris Carlisle, managing director of Cedar House, who handled the sale, said: "Emda's acquisition presents a fantastic opportunity for the Castle Ward businesses to relocate to the best industrial location in Derby."
The remaining 4.2 acres of the site will be filled with industrial units and warehouses.
John Cadwallader, chief executive of Derby Cityscape, said Emda's acquisition of the land at Raynesway for the Castle Ward businesses has allowed it to pencil in a 2010 start date for construction work, which should take about three years to complete.
He said: "The acquisition of this relocation site brings forward negotiations in respect of progressing with our proposals for the Castle Ward area."
Article courtesy of Derby Evening Telegraph