City Living: DERBY. Residential Market Overview

Transcription

1 City Living: DERBY Residential Market Overview

2 why DERBY? is one of the UK s economic success stories with outstanding contributions to GVA, innovation and manufacturing and, as the city is compact, it creates wealth beyond many other urban centres in the UK. As the city has grown over the last 40 years, it has sought to retain that wealth by creating a vibrant, appealing and desirable city centre of choice for people to enjoy, work and live in. With so little city living coming forward, but with values in the city now comfortably reaching sustainable levels, there is an opportunity in not seen in many other cities in the UK. Early entrants have seen developments exceed expectations and setting a benchmark for values and rents. City living is revolutionising and we invite you to be part of it. city living has been a home to advanced manufacturing and engineering for 00 years a city of innovation and a destination for civic, retail and leisure uses at its heart. In 005, recognising the need to revitalise the city centre, a masterplan was created which held the ambition of ensuring the city centre was a place in which to work, live and play, retaining the wealth that had always been created here. By 015, over billion had been invested in transforming the city centre. Significant regeneration and investment had taken place which had allowed businesses to thrive here with serviced offices, retail, leisure and green spaces bringing vibrancy to the heart of the city. However, investment in city living did not materialise in the same way, leaving the only stock available as HMO, terraced housing or very small scale purpose-built accommodation. Since 014, the city has taken steps to encourage and facilitate quality city living development through active promotion of key suitable sites, bringing them to market, and creating a City Living Fund to support developers. This approach has helped to mitigate risk in an unproven market for developers who have recognised the opportunity, and city living has arrived. COMPLETED 478 student units 7 city living apartments 180 homes at Castleward Urban Village UNDER CONSTRUCTION 40 city living apartments 50 student units John Forkin Managing Director Marketing IN PLANNING 00 BTR landmark city aprtments 00 student units 1,100 homes and apartments WHAT NEXT? Further residential development will take place in city centre, with an aspiration for better quality, better design, and better choice for homebuyers and renters. The market has not yet peaked and there is plenty of opportunity for student, BTR and market sale developments. More than,000 new residences are coming to, with more in the pipeline.

3 1 completed SCHEMES 4 1 ST. ALKMUND S WAY A61 shire County Cricket Ground weavers point 5 luxury apartments, by Radleigh Homes, sold prior to opening in 016. Sales value: 00-0 psf Average yield: 7.5% Rental: pcm GATE A516 UTTOXETER NEW RD 5 4 WARDWICK VICTORIA ST Cathedral IRON GATE ST. PETER S STREET MARKET PLACE Council House CORPORATION ST Crown & County Courts MORLEDGE Bus Station Eagle Market Riverside Car Park A5 Bass s Recreation Ground EASTGATE cathedral green 46 riverside apartments by Barratt, all sold before opening a showflat. Sales value: 0-50 psf Average yield: 7.5% Rental: 850-1,00 pcm 5 roman house (Student) Collegiate AC refurbished an existing office building into100 studios, which opened in Sept 016 at full occupancy. Rental: per week burleigh mews Existing PRS scheme. Rental: pcm MERCIAN WAY SALES VALUES ACHIEVED psf psf 017 BURTON ROAD NORMANTON ROAD LARA CROFT WAY Intu -BED RENTAL VALUES ACHIEVED , BRADSHAW WAY OSMASTON ROAD A514 Theatre TRAFFIC STREET 6 LONDON ROAD River Derwent PRIDE PARKWAY A6 CATHEDRAL COURT (Student) Prosperity Capital Partners secured planning and construction at risk for 50 beds, before receiving a University of nomination and selling to Aviva for 0 million. 6 Castleward Compendium Living s 180-home urban village. Includes apartment element - details below. Sales value: 0-50 psf Average yield: 7.5% Rental: pcm

4 1 OPPORTUNITIES D D 6 NORTHGATE HOUSE 45,000 sq ft office building suitable for conversion. agard STREET 7 studio student accommodation. Expected to come to market with planning consent. 1 RIAR GATE A516 UTTOXETER NEW RD WARDWICK ST. ALKMUND S WAY 4 6 VICTORIA ST Cathedral IRON GATE ST. PETER S STREET MARKET PLACE 5 Council House CORPORATION ST 8 Crown & County Courts MORLEDGE 7 Bus Station Eagle Market Riverside Car Park A5 Bass s Recreation Ground A61 EASTGATE River Derwent sh Cricket PHOENIX STREET Investment opportunity for 150-bed Build to Rent scheme in landmark building. 7 EXETER STREET -acre development site with excellent transport links. 8 brook STREET Ideal residential site close to existing developments. MERCIAN WAY Intu Theatre TRAFFIC STREET PRIDE PARKWAY A6 DERWENT STREET High-quality riverside location for a proposed 99-bed Build to Rent scheme. 4 5 BURTON ROAD NORMANTON ROAD LARA CROFT WAY BRADSHAW WAY 9 LONDON ROAD 9 OSMASTON ROAD A514 SMITH CLOCKWORKS Cleared 0.5 acre site in prime location in Cathedral Quarter with listed building to the front. AUDLEY CENTRE Investment opportunity for 45 apartments in the heart of the city centre. NIGHTINGALE QUARTER Outline consent granted for up to 500 homes on a cleared city centre site. Close to Rail Station and intu.

5 derby: Fact File EMPLOYMENT Rolls-Royce, Toyota and Bombardier are headquartered in the city employing 15,000, 8,000 and 4,000 respectively. is home to the world s largest cluster of rail companies. The highest average salaries outside London and the South East are paid here -,81 (ONS, 016) Employment is forecast to grow by 1,00 jobs by 08 (HMA, 01) CONNECTIVITY is the UK s most central city with outstanding air, rail and road links to the rest of the country and beyond. London St Pancras is 89 minutes by direct train with 5 trains per day. The city is a major gateway to the stunning Peak District. is ranked 8th in the UK for access to superfast broadband. DEMOGRAPHICS.1 million people live within 45 minutes of the city centre. The population of is forecast to grow by 9.45% by 08 (ONS, 01) There is a significantly higher percentage of people in the 0-4 (8.0%) and 5-9 (7.%) age bands than the East Midlands and England. The University of is widely recognised as a leader in teaching quality and employability with up to 4,000 students, and plans to significantly increase its international student intake. QUALITY OF LIFE The River Derwent flows through the city centre, past the Silk Mill, site of the world s first factory and now a UNESCO World Heritage Site. The city s Cathedral Quarter was voted Best City Location at The Great British High Street Awards 017, whilst intu sees 5 million visitors annually. County Football Club is based on Pride Park in a,500-seater stadium. Arena and Velodrome is next to the stadium, whilst shire County Cricket Club also represents the city. is a festival city with major events taking place throughout the year with the headline event, Festé, coming to the city each September.

6 To discuss the content of this report, please contact: Tom Erskine, Inward Investment Executive, Marketing, Riverside Chambers, Full Street, DE1 AF / (01) 01806