Over half of the 925 houses and apartments being delivered by Wavensmere Homes at the £165m redevelopment of the Derbyshire Royal Infirmary will be completed during 2023.
The 18.5-acre Nightingale Quarter scheme is one of the UK’s most significant city centre regeneration projects and includes the restoration of landmark buildings and monuments from the 130-year-old former hospital. During the past three years, over 80% of the homes have been matched with buyers, with 265 of the houses and apartments already occupied. Five phases of the project are currently under construction simultaneously, to achieve completion of a further 486 homes this year.
There are 165 homes available to purchase in the final phases of the scheme. One- and two-bedroom apartments are priced from £185,000. Rental yields are well over 5%, but there is also strong demand from first time buyers and existing homeowners. The eco-focused homes have an EPC-rating of B, enabling purchasers to benefit from Green Mortgage rates.
James Dickens, Managing Director of Wavensmere Homes, said: “There’s a general assumption that market activity in London and the South East sets the tone for the whole of the UK. The opportunities in thriving regional cities like Derby are much more exciting and deliverable, which is why we will be completing over 450 new homes at our Nightingale Quarter scheme during 2023. Even on PLC sites, it’s unusual for more than 100 homes to be delivered in a 12-month period, but the demand is here. This has to be amongst the best-selling schemes in the UK.
“Derby saw the sixth highest house price inflation during 2022 – ahead of all London boroughs – with prices rising by 15.8%. This was due in part to the £4bn investment into the city in recent years, combined with the growing number of high earners working for major businesses based locally, such as Rolls Royce, JCB and Toyota. The career opportunities, quality of life, connectivity, and house price affordability are highly attractive to those relocating here, as well as investors from across the UK and overseas. We only sell to individuals, but some of our buyers are from as far afield as Shanghai.”
Nightingale Quarter boasts a DE1 postcode and is located off London Road, which is an arterial route into the city centre. Derbion shopping centre is a one-minute walk, while Derby train station is a five-minute stroll. Regular services to London St Pancras take less than 90 minutes, while trains to Birmingham city centre take 34 minutes.
Florence Nightingale lived in Derby for three years and was instrumental in designing the expansive hospital. The Derby Royal Infirmary received the Royal Stamp of Approval when it was opened by Queen Victoria in 1894. An original statue of Queen Victoria is being preserved and restored by Wavensmere Homes to ensure her legacy stands strong.
The Royal Infirmary closed in 2009 and the site was redundant until Wavensmere Homes received planning consent from Derby City Council and commenced work in late 2019. The vast development has been sympathetically designed by Gould Singleton Architects to incorporate the restoration of the iconic Victorian ‘Pepper Pot’ buildings. Pepper Pot North will feature a large independently run restaurant, while Pepper Pot South will be transformed into a residents’ gym. The gym will be available to all those living in the apartments and houses, with the low running cost split across the service charge for the 925 homes.
James Dickens added: “The communal facilities and strong sense of community already established at the Nightingale Quarter ensures residents who do rent here make a medium to long-term commitment, keeping void periods to a minimum. With contracts already exchanged on the vast majority of the houses and apartments we are delivering this year, we are looking forward to welcoming hundreds of new residents.”
Wavensmere Homes is under construction with two other major urban regeneration schemes, located in central Birmingham and Ipswich, and has further projects in the immediate pipeline that are likely to be announced later this year. The Birmingham-headquartered residential developer will deliver around 1,000 new homes during 2023.
A marketing suite and show home for Nightingale Quarter is open from 10am – 5pm Monday through to Saturday, accessed off 128 London Road, Derby DE1 2QQ. For further information, or to book an in-person, or virtual appointment, call 01332 321 255, or email info@wavensmere.co.uk.
