Developer swoops for Derby College building

The former Heanor site of Derby College has been sold to a property developer.

The Mundy Street building, which was formerly the town’s grammar school, has been sold to Mabec Property, which is run by Mark Cavell – the man behind the rise of Lace Market Properties in Nottingham at the turn of the century.

The building had been owned by Derby College since its merger with South East Derbyshire College in 2010

The sale marks the end of a long-running saga for agent Russell Rigby of Rigby & Co. In 2015 the Heanor Grammar School Action Group succeeded in putting a community asset transfer order on the site, which stopped any sale for a period of six months. During that time, Rigby lost his preferred bidder.

However, the sale to Mabec has now been agreed.

Speaking to TheBusinessDesk.com, Russell Rigby said: “This is a key site in the town centre and will play a major role in regenerating the town.

“Derby College, which I acted for, had tried to keep further education going in Heanor but there just wasn’t any appetite from the locals.”

Mabec Property is backed by City institution Toscafund, and the private equity company Penta Capital.