Derby City Council approves £500,000 loan to regeneration firm

Midland House was built in the 1870s

Derby City Council is to provide a £500,000 loan to a regeneration firm in the hope it will help spark improvements.

The authority's cabinet approved the loan to London and Continental Railways (LCR), which wants to buy Midland House, near Derby Midland Station.

It said it hoped the sale would lead to "significant regeneration" of the area.

LCR said the Midland House sale would help connect regeneration sites in what was a "crucial gateway" to the city.

Built in the early 1870s, Midland House was originally the headquarters of the Midland Railway.

Along with Midland Hotel and some remaining railway cottages, the council said it was one of the city's unique rail heritage buildings around the station.

'Major transformation'

The building is currently owned by the Department for Levelling Up, Housing and Communities (DLUHC) which declared it surplus to requirements, the council said.

In a statement, it added: "The acquisition of a landmark historic building could be the start of major transformation in the area around Derby's railway station, creating a more attractive gateway into the city centre."

It said that former industrial land to the east of the station had been improved with the development of Pride Park and was now home to many rail-related businesses.

It said it hoped the sale of Midland House could mean similar improvements to the west of the station.

Chris Poulter, leader of Derby City Council said: "The opportunity to support the purchase of Midland House, an important building in close proximity to the station, is really good news.

"Any step towards the improvement of the area around the railway station is most welcome.

Public consultation

"Before Easter we should know where the headquarters of Great British Railways will be located which, if Derby is indeed selected, would further add to the potential improvements, to what is a crucial development area of Derby."

LCR is owned by the Department for Transport (DfT) and works in partnership with local authorities, Network Rail and Homes England.

Andrew Ferguson, partnerships and property director at LCR, said: "Derby's rail station is a crucial gateway to the city and we're collaborating closely with the city council to deliver enhancements to the area.

"The acquisition of Midland House will play a key role in connecting other sites primed for regeneration.

"Together, they will form an area that will boost public value for Derby's residents and businesses."

The council added any plans for the station area would be subject to public consultation.