Work to start on historic rail yard redevelopment

The site will be built in six phases and include the restoration of two listed buildings

The developer behind the restoration of a derelict site on the edge of Derby city centre has said securing a multi-million pound loan will help get the project started.

Wavensmere Homes is in the process of turning the rundown Friar Gate Goods Yard into 276 homes and commercial space.

A £24m loan has been secured from Octopus Real Estate, the same lenders who helped fund Wavensmere's redevelopment of the former Derbyshire Royal Infirmary site.

James Dickens, managing director at Wavensmere Homes said the cash injection would enable the work to get going "without delay".

The residential section includes homes and apartments

The goods yard, off Stafford Street, was built in the 1870s and has been derelict for more than 50 years.

New housing will be laid out in a series of boulevards referencing the route of the historic train lines which ran through the site.

The Grade II listed Bonded Warehouse and Engine House will be turned into commercial spaces and could include new shops and restaurants, a gym and offices.

But the construction would mean the demolition of some railway arches next to Friar Gate bridge.

An artist's impression of how the Bonded Warehouse could look

Mr Dickens said tree surgery work is expected to begin next week and a ground works team has been appointed.

"We're not going to sign up to a facility agreement if we're not going to get on with the project," he told the BBC.

"It's pretty standard that a developer will essentially buy the land [in] cash and then get the development finance raised to deliver the project.

"My enthusiasm hasn't changed since I first saw the site which was five years ago - I've been desperate to get involved in this project and make it happen.

"The warehouse itself is a tremendous building - it's absolutely beautiful and it needs to be preserved, reanimated and become public-facing so that everyone in the city can enjoy it in the future."