Nottingham developer makes £4m Derby investment

A Nottingham-based investment company has bought four properties in Derby which it says will kickstart a £4m project to create student accommodation and commercial space in the city’s.

3GP, a subsidiary of ALB Investments has bought Jacobean House and the Wardwick Tavern, as well as two buildings in Iron Gate.

The sites will be converted into a mix of commercial and student accommodation, and the 12 student units on Iron Gate should be complete in August.

The scheme will involve the development of the upper floors for residential use, while the ground floors will be let for retail use.

Managing director, Arran Bailey, said: “It’s really exciting when we acquire buildings of special local significance like Jacobean House and the Wardwick.

“It means that, in addition to helping regenerate a key region of the city, our investments also bring sustainable modern relevance to valuable local landmarks by generating new residential options for those who need to live within the historic city centre.”