Newcore Capital Management acquired a prime, three-acre site in the centre of Derby for £6.05M. The site on the corner of Traffic Street and Siddals Road, opposite the Intu Derby shopping centre, is mainly used as a car park but has significant development potential. Newcore managing director Hugo Llewelyn says the site could be regenerated to accommodate a significant mixed-use scheme, featuring predominantly urban living.
In 2010, Norseman Holdings obtained planning permission to build five office blocks, a hotel and retail units totalling 500k SF (a CGI of that proposed development is shown above).
The four tenants on the site—two car parks, a trampoline park and a car repair centre—provide an annual rental income of £464k. Hugo says the tenants are happy to take longer leases if his plans for a mixed-use scheme don’t come to fruition.
JLL acted for Newcore and Salloway Property Consultants repped the seller.
