The agreement for the purchase of the former Debenhams building was completed Thursday 30 March 2017.

The £2.3m deal for the 110,000 ft2 (10,200m2) former Debenhams building was funded through £4m of Local Growth funding provided by the D2N2 Local Enterprise Partnership (LEP) – the private sector-led partnership which promotes economic growth across Derby, Derbyshire, Nottingham and Nottinghamshire.

The building, and six other properties that were purchased as a package, are now being put on the market. The sale is being handled by the Council’s strategic property advisors Cushman and Wakefield who have advised that this prime location site is suitable for retail, leisure and residential uses.

Deputy Leader and Cabinet Member for Regeneration and Economy, Cllr Martin Rawson lauded the completion of the deal.

“The completion of this transaction is a key milestone in the regeneration process which we embarked on two and a half years ago. That was when the Council accepted the challenge of being a catalyst to regenerate this entire area following decades of failed attempts.

“The consolidation of land ownership is now complete, the search is underway for an operator for a suitable development on Duckworth Square and the former Debenhams building is now going on the market.

“Facilitated by funding from the D2N2 LEP, the Council has taken decisive action which I hope will encourage and inspire owners of dormant land and properties in the vicinity to bring forward proposals that will help transform this area into a bustling and vibrant part of the city.”

This key property is needed to develop the once thriving Becketwell area of the city which fell into decline decades ago and has suffered through successive failed attempts at regeneration due to fragmentation of property ownership and other factors.

The Council’s administration has taken up the challenge of being a catalyst to regenerate this entire area through a public/private sector approach. It started the process of consolidating land two and a half years ago – September 2014 – with the purchase of Duckworth Square.

The land assembly is now completed with the purchase of the former Debenhams building.

The other properties included in this transaction are #22, #24, #36, #46, #48 Green Lane & #12 Macklin Street.

The Council paid £2.1m for the properties and £200,000 in fees.