St James Securities, developers behind the £200m regeneration of the Becketwell area of Derby, have announced Peveril Securities as development partners for future phases of the scheme.
The company, which is the development arm of the Bowmer & Kirkland Group, has brought significant financial weight to phase two of the scheme, which includes the delivery of a new 3,500 capacity performance arena for the city.
Plans are currently being drawn up for future phases of the scheme, which is set to include a range of other complementary uses of the site including new grade A offices and commercial space, a hotel, and a multi-storey car park.
Leeds-based St James Securities have been working on the Becketwell regeneration scheme since 2017 and have received multiple awards for investing in a site that had failed on numerous occasions.
Their hard work and determination have provided a platform to encourage significant investment to Becketwell and the wider city centre.
This includes Grainger, the UK’s largest listed provider of private rental homes, which is fully funding, acquiring and operating the £37.375m Build to Rent (BTR) scheme; Derby City Council which has assisted with land assembly for the development and will be acquiring the performance venue; ASM Global, the world’s leading venue management and services company, which will be operating the venue on a 30-year lease, and now Peveril Securities, which specialises in investment and development both in a sole capacity and in joint ventures.
This latest announcement is expected to provide confidence for further new investment in surrounding areas of the city centre.
Work on phase one of the Becketwell scheme is currently underway, with the construction of 259 one and two-bedroom apartments on the site of the former Debenhams store on Victoria Street.
This will be complemented by a new public square on the site of the former Central United Reformed Church, with completion scheduled for Spring 2023.
In October 2021, Derby City Council granted planning permission for the new 3,500 capacity performance venue on the site of the former Pennine Hotel, Pink Coconut nightclub and Laurie House offices.
Demolition work will commence in March 2022, with construction work set to commence in January 2023, with completion and handover to the operator in late 2024.
Commenting on the addition of Peveril Securities to the development team, Paul Morris, development director at St James Securities said:
“This is another significant financial commitment from a very well respected and locally based company, which is one of the biggest players in the region.
“Their financial strength secures the future of the site and will enable us to forge ahead with multiple projects at the same time.
“Over the past five years, we have been real trailblazers, prepared to take on a site that had failed multiple times and putting together a scheme which will change the face of the city.
“We are delighted that Peveril Securities share our ambition for Derby city centre and look forward to working together to encourage additional investment to the city.”
Ralph Jones, managing director of Peveril Securities and main board director of Bowmer & Kirkland, added:
“We have been following the progress of the Becketwell area of Derby with interest over the past couple of years and are delighted to be involved in such a transformational scheme which is local to Peveril Securities.
“St James Securities have a track record of delivering high quality regeneration schemes in other cities and we look forward to bringing our financial strength, development and construction expertise to this exciting project.”
Funding for the Becketwell project includes £8 million in Local Growth Fund investment from the D2N2 Local Enterprise Partnership, the private sector-led partnership of business, local authorities, skills and training providers and community and voluntary services which works to promote economic and jobs growth across Derby, Derbyshire, Nottingham, and Nottinghamshire.
St James Securities have completed many successful projects of this scale, including St Paul’s Place in Sheffield and the award-winning Round Foundry in Leeds.