Council Cabinet are set to give their approval for bids to the Local Growth Fund to support five key city centre regeneration projects when they meet on 13 July 2016.

The Infrastructure and Investment Board of D2N2 – the Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire has agreed to allocate £4million of ring-fenced funding from the Local Growth Fund Round 1 to support regeneration of the Becketwell area of the city.

A detailed application is now set to go to D2N2 in order to release funding. The money will be used to make Becketwell ‘marketable’ to investors. This will include the purchase of the old Debenhams building.

The area is suitable for a mixed-used development such as residential, commercial, leisure and health with potential retail on Victoria Street. There is an opportunity for the Green Lane area to be a ‘bohemian’ student quarter.

D2N2 has also included a £20 million regeneration package for Derby in their application to the Local Growth Fund Round 3 (LGF3). If successful, the money will be used for the redevelopment of the Silk Mill museum, enabling further phases of development at Castleward Urban Village, building of larger office suites for growing businesses and preparatory work for the Performance Venue. The result of the LGF3 bid is expected in the autumn.

Cllr Martin Rawson, Cabinet member with responsibility for City Centre Regeneration, said: “These are five strong redevelopment opportunities that will maintain regeneration momentum and it is very pleasing that the Local Enterprise Partnership have shared our vision and recognised their potential to create a vibrant city centre of choice in which to live, work and play. The business community have stood shoulder to shoulder with us in the last decade and Council Cabinet look forward to this continuing relationship to create a successful city centre that is a key driver for Derby’s economic growth.”

Originally published: 5 July 2016