The acquisition allows Ivygrove Developments to demolish all but a few of the old industrial buildings on the site and start anew.
The scheme will be made up of units ranging from 3,300 sq ft upwards.
The land was previously owned by Prysmian Group and operated by their brand Draka UK, which was a world leader in the energy and telecom cables and systems industry. However, they ceased manufacturing at the site at the end of September 2012.
A spokesperson for our Property team commented on the acquisition and development deal:
“We are delighted to have helped our long-standing client Ivygrove Developments with their acquisition of another high-profile site for redevelopment. The commercial property market is very healthy in Derby, and there is a shortage of the type of quality developments that Ivygrove Developments build.”