Firms behind £450 million city investments back Derby to recover strongly from COVID-19 crisis

22/05/2020

Developers behind three schemes that will transform Derby have given a huge vote of confidence to the city’s ability to bounce back following the Coronavirus pandemic.

Directors of the three companies, who will, together, create hundreds of homes, shops, restaurants and offices, say they remain committed to their investments despite global financial turbulence caused by the current health crisis.

The endorsements come from:

  • Wavensmere Homes, which is building 800 homes in a £150 million redevelopment of the historic former Derbyshire Royal Infirmary site;
  • Compendium Living, which is investing £100 million to create a further 800 homes and 35,000 sq ft of retail in the city’s Castleward;
  • St James Securities Group, which will plough £200 million into developing hundreds of homes, offices, restaurants and cafes around a new public square at Becketwell, on the site of the former Debenhams store and Duckworth Square shopping centre.

Their confidence in the underlying strength of Derby’s economy is a huge boost following news earlier this week that the city’s largest private sector employer, Rolls-Royce, is to make thousands of redundancies across its global workforce. It is not yet known how many of those will be in Derby.

 

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