Partnership agreement marks another milestone for the Market Place redevelopment
The transformation of Derby’s Market Place has taken another step forward, with the signing of a Master Development Agreement between the Council and ION Property Developments Limited
Now in contract as the Council’s Strategic Development Partner, ION will work alongside the Council to deliver its plans to regenerate several sites across the city centre, including the Market Place.
Outline plans for the Market Place, which were drawn up using feedback from two public consultations and approved by the Council’s Planning Committee in July, include Derby MADE. Sitting on the site of the former Assembly Rooms, the multi-use building will feature a music venue, cultural / exhibition space, a young person and family library, and dedicated flexible working and meeting areas. It will be complemented by Derby HOTEL, a four-star hotel and high-quality office space in Derby WORKS.
ION is a long-established developer with a strong track record of working with partners, including local authorities, to deliver regeneration projects. Recent schemes include the Wolverhampton Interchange on behalf of City of Wolverhampton Council, the Knowledge Quarter Gateway for Liverpool City Council and Rhyl Waterfront for Denbighshire County Council.
Earlier this year, ION underwent a buyout and merger with VINCI UK Developments, the UK division of the multinational VINCI Construction, cementing the two companies’ existing relationship and further strengthening their delivery capabilities.
Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for Regeneration, Strategy and Policy, said:
“This is another important milestone in our plans to revive this important and historic site in the heart of Derby. We know how desperate everyone is to see work starting on site, me included, and the signing of this contract brings that day even closer.
“ION Property Developments has an excellent record for delivering regeneration projects on this scale. By bringing a private sector development partner on board, we can benefit from their expertise, capacity and investment to help bring these ambitious plans for the city centre to life.”
Steve Parry, Managing Director of ION Property Developments, said:
“We are delighted to have entered into the Master Development Agreement with Derby City Council and to be moving into the next phase of our partnership.
“ION, together with the wider VINCI business, is fully committed to the long-term delivery of this important regeneration programme. By combining ION’s development and regeneration expertise with VINCI’s wider resources, financial strength and delivery capability, we believe we have a very strong platform from which to turn the Council’s ambitious plans into deliverable projects on the ground.
“Our focus now is on working closely with the Council to maintain momentum, progress the Market Place proposals and deliver lasting benefits for Derby and its city centre.”
Once the planning conditions associated with the demolition of the Assembly Rooms have been removed, ION will begin preparing the site. This will include disconnecting utilities and creating a secure and safe working environment, which will take a number of weeks.
Work to demolish the site is expected to take around 12 months and, once this is complete, work on the new buildings will begin. Demolition consent for the Assembly Rooms was granted in March 2024.
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