City names preferred property advisors for development masterplan

Derby City Council has appointed Cushman and Wakefield as strategic property advisors for its city centre development masterplan.

First on their agenda will be to carry out a detailed feasibility study mapping out Derby’s requirements for a new performing arts venue and giving some certainty as to the best location.

It is thought the wider development might include a four-star hotel, residential accommodation alongside other leisure and entertainment offers.

As part of the study, Cushman and Wakefield will be consulting with current arts and leisure providers in the city and organisations such as the Arts Council England, to make sure they consider a range of different potential offerings. Two key sites to be included in the study are Duckworth Square and the Assembly Rooms site; these will be the focus of the assessment by Cushman and Wakefield; though in carrying out an overview of the City Centre Masterplan other sites may be considered.

The council knows there is considerable interest from developers and investors in both sites and that interest is welcome. Once the study is complete it intends to take the sites to market, with the market being given a strong indication of what the city is looking to create on both of them. Any initial enquiries should, at this stage, be directed to Marketing Derby or Cushman and Wakefield.

The intent is that the feasibility studies will be concluded in the New Year.

Councillor Martin Rawson, deputy leader and cabinet member for communities and city centre regeneration said: “The appointment of Cushman and Wakefield as strategic property advisors will allow us to bring in various specialist resources to deliver a number of the Council’s key strategic sites to the market over the coming months. I am particularly excited by the prospect of identifying a way forward on the delivery of a new performing arts venue for the city.”