A new development partner has been brought in to help build the £200 million Becketwell regeneration scheme in Derby.
Peveril Securities, the investment and development division of construction giant Bowmer and Kirkland, has been brought in by St James Securities for future phases of the scheme.
The investor has already backed phase two of the scheme, which will include a new 3,500 capacity performance arena for the city.
It is hoped future phases will include offices and commercial space, a hotel and a multi-storey car park.
Leeds-based St James Securities have been working on Becketwell since 2017, and said it had helped attract other investors to the area.
It said they include private rental home provider Grainger which is putting more than £37 million into a build-to-rent scheme.
Derby City Council has helped with land assembly for the development and will be acquiring the performance venue which venue management and services company ASM will operate on a 30-year lease.
St James Securities hopes the latest announcement will provide confidence for further investment in surrounding areas of the city centre.
Work on phase one of Becketwell is underway, with the construction of 259 one and two-bedroom apartments on the site of the former Debenhams store in Victoria Street.
That will be complemented by a new public square on the site of the former Central United Reformed Church, set for completion in spring 2023.
Last October, Derby City Council granted planning permission for the new 3,500 capacity performance venue on the site of the former Pennine Hotel, Pink Coconut nightclub and Laurie House offices.
Demolition work will start in March, with construction set to commence in January 2023, and a completion date of late 2024.
Paul Morris, development director at St James Securities, said: “This is another significant financial commitment from a very well respected and locally based company, which is one of the biggest players in the region.
“Their financial strength secures the future of the site and will enable us to forge ahead with multiple projects at the same time.
“Over the past five years, we have been real trailblazers, prepared to take on a site that had failed multiple times and putting together a scheme which will change the face of the city.
“We are delighted that Peveril Securities share our ambition for Derby city centre and look forward to working together to encourage additional investment to the city.”
Ralph Jones, managing director of Peveril Securities and main board director of Bowmer & Kirkland, said: “We have been following the progress of the Becketwell area of Derby with interest over the past couple of years and are delighted to be involved in such a transformational scheme which is local to Peveril Securities.
“St James Securities have a track record of delivering high quality regeneration schemes in other cities and we look forward to bringing our financial strength, development and construction expertise to this exciting project.”
Funding for the Becketwell project includes £8 million in Local Growth Fund investment from the D2N2 Local Enterprise Partnership.
Other big schemes completed by St James Securities include St Paul’s Place in Sheffield and the winning Round Foundry in Leeds.
