Developers set to be appointed to £100m Market Place scheme
Derby City Council is set to formally appoint Vinci UK Developments and Ion Developments as their city centre strategic development partners at a cabinet meeting next week.
A planning application for the landmark city centre proposals at Market Place, which will see three buildings constructed on the site of the former Assembly Rooms in the city centre, including residential, office and cultural space.
The former assembly rooms were built in 1977, but have now been vacant for over a decade, having been closed by a major fire in 2014.
A masterplan and business case for the scheme will be put to a meeting of the city council’s cabinet on Wednesday, April 8, alongside a recommendation to enter into contracts with Vinci and Ion to deliver the scheme.
A total of £225,000 will also be allocated to support the design costs of the project over the next two years.
The total proposed cost of the public-private partnership scheme is £100m, with around £60m expected to come from public funding.
Councillor Nadine Peatfield, Leader of the Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy said the appointment of developers to the scheme was a “huge milestone” for the city.
“Developing an exciting and deliverable replacement for the Assembly Rooms has been a long time coming and we know how frustrating this journey has been for residents – I have shared this frustration and welcome the opportunity to enter into a contract with our preferred development partners,” she said.
“This is an incredibly important site for Derby and it’s critical that we replace the Assembly Rooms with something that will last for generations and meet the needs of our residents.
“We’re now in a very exciting place, and residents can expect to see tangible progress start to happen.”
Demolition plans for the former assembly rooms are on hold until an outline scheme for the redevelopment of the site has been approved, with those plans due to come before a city planning committee by the summer.
A total of £2.55m is allocated within the council’s capital programme for the Assembly Rooms demolition and £3m of grant assistance has been allocated by the East Midlands Combined Authority to fund enabling works on the site.
As well as an agreement for Market Place, the city council will also enter into an “umbrella agreement” with the developers, set to cover a number of other regeneration sites in Derby city centre.
“We are looking forward to progressing through the various stages of the development process, including securing planning consent which will enable the demolition of Assembly Rooms and multi-storey car park, to be implemented,” added Steve Parry, on behalf of VINCI UK Developments & ION Developments.
“The proposed mix of uses will transform this area of the City, enhancing Derby’s commercial, cultural and tourism offer.”
