Derby’s largest development site sold to SPV
Derby’s biggest development site, on land once occupied by Derby Royal Infirmary, has been bought by a special purpose vehicle (SPV) company called Nightingale Derbyshire Limited.
The 18-acre site has been sold by Derbyshire NHS Foundation Trust to Nightingale Derbyshire. The Trust initially had an agreement to sell it to developer, First Urban.
A spokesperson for the Trust said: “The Trust agreed a deal to sell the land around two years ago to developers First Urban. We have since been maintaining the site as part of our agreement with them, whilst outline planning permission was sought. More recently, another developer emerged with the intention of bringing the redevelopment of the site forward and, with the agreement of First Urban, the Trust has now sold the site directly to Nightingale Derbyshire Limited. This transaction has now taken place and, as a result, all ownership, responsibility and control of the site has now passed over to the new owners. We wish the project well and look forward to a development that can add to the community.”
First Urban had plans to build 500 homes on the site, as well as range of mixed-use schemes.
Russell Rigby, owner of Rigby & Co, who has been close to the development told TheBusinessDesk.com: ““The former DRI is Derby’s most significant and highly prized residential-led development opportunity. At 18 acres it has the ability to completely reshape the city living market on the East side of the city centre. I welcome Nightingale Derbyshire’s emerging plans and ideas and it seems very clear to me that the purchaser will be looking to secure fresh consent and then make an early start on developing out the site.”