£10 Million Regeneration Scheme Set To Breathe New Life Into Derby's St James Street

DERBY, U.K. - May 15, 2025 - PRLog -- A bold £10 million regeneration project has been unveiled, breathing new life into the heart of Derby city centre.

Developer St James Street (Derby) Ltd, working in partnership with Derby City Council, has launched ambitious plans to restore, regenerate and revitalise more than a dozen properties on St James Street, one of the city's most historically significant but underused areas.

The developer acquired the properties from Clowes Developments in summer 2024, supported by Derby City Council and the Government's Future High Streets Fund (FHSF).

The properties comprise a mix of long-term vacant ground floor shops and extensive redundant upper floor spaces.

Marc and Rebecca Brough, owners of the development company, recently acquired Allestree Hall from Derby City Council and are also founders of Cubo, the UK's fastest growing high-end flex office company.

St James Street has long been considered an 'at risk' street, with vacancy rates consistently exceeding 50%. However, with the opening of the city's brand-new live entertainment venue, Vaillant Live, and the restored Derby Market Hall, the street is set to gain enhanced footfall.

Beginning with the transformation of The Tramshed, a disused warehouse space, into Grade A office space, the scheme aims to overhaul ground-floor retail units and repurpose unused upper floors.

A planning application is ready to be submitted to create 29 apartments on the upper floors of the properties, stretching from The Strand to the end of St James Street, as well as shopfronts on the ground floor units.

Future phases include plans to rejuvenate St James's Yard and reinstate the pedestrian link from Sadler Gate through to St James Street.

Marc Brough said:

"We opened the first Cubo office space at the corner of St James Street in 2020 and it has saddened me to see how this once-thriving street has become run down and neglected since then.

"As a company we are committed to breathing new life into these buildings - bringing long term vacant buildings back into economic use, driving higher footfall and creating a vibrant environment that will benefit businesses, residents and visitors.

"We could not have embarked on this journey without the unwavering support from Derby City Council and their extended team who have played a key role in helping bring our vision to life through the Future High Streets Fund."

Commercial property and regeneration specialists Rigby & Co acted for St James Street (Derby) Ltd in acquiring the properties.

Russell Rigby, managing director of Rigby & Co added:

"This is a massive shot in the arm for Derby city centre - the scheme needs vision, pace, experience and a 'can-do' attitude to overcome a number of barriers which have previously held this street back from releasing its full potential."