Earlier this week a large-scale regeneration scheme was launched in Derby, with developer Compendium Living aiming to turn the city’s run-down Castleward district into a thriving modern community.
The £100 million redevelopment is one of the largest projects of its kind to ever hit the East Midlands city, and it promises to deliver employment benefits over the next two decades. In fact, Compendium Living believes that a minimum of 1,600 jobs will be created thanks to the 30 acre development simply through construction and the establishing of new businesses alone.
Further positions are expected to arise as businesses take advantage of the 34,500 sq ft of prime office and alternative commercial space that the completed development will include.
Early preparatory steps, including the demolishing of empty buildings and early ground work, began back in November as part of the first phase of the project. This phase is expected to be completed in 2016, and will cover five acres upon which 163 homes, 16,500 sq ft of commercial units and a park will be established.
Executive director of the Midlands branch of the Homes and Communities Agency, Margaret Allen, believes the development will bring prosperity to Derby and the surrounding area.
She says; “It is a great testament to the efforts of all involved in the Castleward development that work is now getting under way.
“The site location is one of immense potential and the work that is being undertaken will no doubt provide both economic growth and job opportunities for Derby.”
Building work officially began on Thursday 30th May when a commemorative stone was unveiled to local dignitaries and some of Derby’s top business leaders. It is hoped that a number of the attendees of the ceremony will play a significant role in Castleward’s future, either by taking up some of the site’s ample commercial space or investing in the future of start-ups from the area.
The completed site will include a total of 800 homes and large areas of green space as well as the commercial space which will present many employment opportunities to Derby residents. Furthermore, Compendium Living has committed itself to making the entirety of the development highly profitable for local communities.
In a statement, it said; “Where possible, labour will be sourced locally – this is certainly the case for the apprentices that will be taken on.
“Three apprentices will be taken on in the first year and 17, employed directly by Compendium, will be created over the lifetime of the development.
“Materials are also being sourced locally. For example, cement is being sourced from the Tarmac factory in John Street, just a few metres from this site.”
Twelve commercial properties, ranging from 400 sq ft to 4,000 sq ft, will be the first to be completed and are scheduled to be available this autumn.
