A strategic partnership has been forged between BBS Capital, Wavensmere Homes and Cedar Group to develop a major city centre regeneration project.
BBS’s investment management business has joined forces with James Dickens’ Wavensmere Homes and Grahame Whateley’s Cedar Group to deliver 474 homes at the Nightingale Quarter development in Derby, supported by a £42.9m development finance facility from Urban Exposure.
James Dickens of Wavensmere and Nick Spencer of BBS Capital have made the city of Derby their focus for investment
The 18-acre site was once home to the Derby Royal Infirmary and will be delivering 125 townhouses and 349 apartments over three phases.
The joint venture will launch the first phase of sales at the end of February 2020, with the first houses targeted for delivery by the end of September 2020.
Nick Spencer of BBS said: “We have worked with James and Grahame for some time in an advisory capacity but are delighted to have agreed this joint venture to deliver an urban regeneration project of this nature. The Nightingale Quarter will offer Derby residents the best of urban living in a carefully designed community which will offer a large proportion of green space and on-site leisure amenity whilst also paying homage to the historic nature of the site.”
James Dickens, Managing Director of Wavensmere Homes added it was a business partnership which was vital to the project and being able to deliver the homes in autumn this year.
“This is an incredibly exciting development for us to be driving as it is not just one of our largest to date but is also of massive historical significance. We have worked with BBS in the past, so for them to come onboard with the Nightingale project is huge for us and for the project,” he added.
Randeesh Sandhu, CEO of Urban Exposure, said: “We are delighted to be supporting a project that will be transformative for central Derby, supporting the delivery of much needed housing for the local population. The site has been disused for several years, which makes it all the more pleasing to provide Derby’s residents with an opportunity to live in a thriving new community in an exceptional location.
“We are also pleased to be working with BBS and Wavensmere who have an excellent track record and a clear desire to work on further developments in the Midlands, a region where Urban Exposure has significant experience and has now provided over £150m of development finance in the past eighteen months.”
Mr Spencer said the joint venture was currently actively seeking similar residential development opportunities in key regional cities, with a particular focus on the Midlands.
Over 2000 people have registered their interest in the homes, which is designed to be a green oasis for its new residents, including cycle routes, an open-air gym and fitness area, children’s play areas and planting throughout the site.
The Infirmary’s iconic pepper pot buildings will be retained for community use, with residents having access to numerous facilities including a café, gym, exhibition space and meeting rooms.
It was revealed last year that the cost of homes start for a two-bed property at £185,000 and for a three-bed property at £220,000. Help to Buy is also available for first time buyers.
