A specialist East Midlands developer has exchanged contracts with the Council for the purchase of Middleton House for its new flagship residential development in Derby.
Adam Cavell, director of City and Country Property Management, says that the Grade II listed building “is to be partnered with a modern, luxurious interior design” with as minimal disruption to the structure as possible. The design and development will be subject to planning permission which they are hoping to achieve within 12 months.
The company has a track record of a number of high profile acquisitions and working on often challenging development sites.
Cavell says his company is attracted to Derby because it’s a rapidly developing city with potential to rival the larger cities within the East Midlands.
Though not revealing the purchase price at this time, due to commercially sensitivity, Deputy Leader of Derby City Council, Cllr Martin Rawson, says that he’s satisfied that the Council has received the best price possible.
Cllr Rawson, who also has Cabinet responsibility for regeneration and economy says:
I am delighted to say that we’ve reached an agreement with City and Country Property Management. This developer has a strong reputation and commitment to sensitive redevelopment of these Grade II listed buildings and the proposed development will further increase city centre living capacity.
Adam Cavell says:
We are very excited as a company to have acquired Middleton House from Derby City Council. This site represents our first development in Derby, which we see as our flagship for further and continuous redevelopment and investment within Derby City centre.
We see Derby as a rapidly developing city with potential to rival the larger cities within the East Midlands. Middleton House is located in a highly attractive area on St Mary’s Gate within the Cathedral Quarter. As a company, we have historically specialised in the redevelopment of listed buildings and take pride in restoring dilapidated buildings to their former glory. We see Middleton House as such a building and are looking forward to starting restoration works.
Is it our aim to create high specification quality apartments aimed at the growing professional market within Derby. Our plans and design will work around the existing structure and architecture, with as minimal disruption to the listed building as possible. We will be retaining the existing features of note, if they are beyond the point of repair they will be replaced what would have been originally in situ where possible. The traditional external listed building will be partnered with a modern, luxurious interior design.
The development of this site will make a significant contribution to the delivery of the Derby City Centre Masterplan – to create 4,000 new homes, 1,900 new jobs and leverage £3.5bn in new investment by 2030. The City Centre Masterplan has been developed in partnership with the Council and private sector partners.
Last year, for the first time, more housing units including student accommodation, were built in the city centre than across the rest of Derby.