Flagship Derby scheme set for public sector cash boost

The East Midlands Combined Authority is expected to sign off almost £3m in funding to support the Market Place regeneration project.

The £100m project to reboot the area around Derby’s empty and dilapidated former Assembly Rooms was included in EMCCA’s investment plans in March, with a final decision to award funding to the scheme now set to be approved.

According to papers published ahead of EMCCA’s investment committee, set to be held on 29 June, a total of £2.94m will be allocated towards demolition and site preparation work for the project, with a further £2.5m of capital funding being provided separately by Derby City Council.

• READ MORE: Planners put brakes on Market Place plan

Vinci UK Developments and Ion Developments were appointed as strategic development partners for the project in March.

Steve Parry, managing director of ION Developments, said: the support of EMCCA was “incredibly positive.”

“Working in close collaboration with the council and after much detailed stakeholder engagement we have presented a clear case that demonstrates the importance of this work to revitalise the city centre,” he said.

“The demolition of the Assembly Rooms and adjoining multi-storey car park is a pivotal step in delivering this vision.”

Future plans for the site include a new four-star hotel, office space and Derby MADE – a multi-use community building with exhibition space, a library and a rooftop bar.

However the scheme received a set-back last month when planning committee councillors at Derby City Council opted to defer an outline planning application for two months, following concerns over a design code for the project.

Demolition cannot start on site until the plans, including a demolition schedule for the Assembly Rooms, have been approved.

However, Mayor of the East Midlands, Claire Ward said the funding would provide another “important step in turning ambition into action” for Derby and the wider East Midlands.

“Derby Market Place is an important part of the city’s identity, and this funding will help unlock its potential as a lively, attractive and inclusive place that supports local businesses, brings people into the city centre and creates more reasons to spend time in Derby,” she said.

“This is exactly what my Investment Fund is here to do – back practical projects that create better places, provide jobs and make a real difference to local communities.”

Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for Regeneration, Strategy and Policy added: “We are preparing for the next chapter of Derby’s Market Place, and this funding marks another milestone in our journey to transform the former Assembly Rooms site.

“Our shared vision will deliver Derby MADE – a flexible and creative cultural venue; Derby HOTEL – a high-quality four-star hotel that addresses a recognised gap in our hospitality market while supporting businesses and the visitor economy; and Derby WORKS – Grade A office space designed to attract investment, support enterprise and create jobs.

“These plans represent an exciting future for the Market Place and for Derby city centre as a whole. We are incredibly excited about what lies ahead and the positive impact this development will have for residents, businesses and visitors alike.”