ION signs deal for £100m Derby city centre scheme
The redevelopment of Market Place has taken another step forward, after the city council signed a master development agreement with ION Property Developments to deliver the scheme.
ION, which earlier this year was bought out by Vinci Group, was named as Derby City Council’s preferred developer for the project in April, and will now move forward with several city council-owned sites across the city centre alongside Market Place.
A £100m masterplan to redevelop the city’s Assembly Rooms in Market Place was put forward by the city council in January, with the 1970s-era venue set to be demolished to make way for a 160-room hotel and up to 67,000 sq ft of office space, as well as a ‘landmark’ cultural hub building.
Outline proposals for the scheme were approved in July.
“ION, together with the wider VINCI business, is fully committed to the long-term delivery of this important regeneration programme,” said Steve Parry, managing director of ION Property Developments.
“By combining ION’s development and regeneration expertise with VINCI’s wider resources, financial strength and delivery capability, we believe we have a very strong platform from which to turn the council’s ambitious plans into deliverable projects on the ground.
“Our focus now is on working closely with the Council to maintain momentum, progress the Market Place proposals and deliver lasting benefits for Derby and its city centre.”
Demolition on the Assembly Rooms building will begin shortly with utilities disconnections, with the full demolition programme expected to take around 12 months.
Cllr Nadine Peatfield, Leader of Derby City Council, said the deal was another “important milestone” in the council’s plans to revive the heart of Derby.
“We know how desperate everyone is to see work starting on site, me included, and the signing of this contract brings that day even closer,” she said.
“ION Property Developments has an excellent record for delivering regeneration projects on this scale. By bringing a private sector development partner on board, we can benefit from their expertise, capacity and investment to help bring these ambitious plans for the city centre to life.”
