Partnership agreement marks new milestone for Derby's Market Place redevelopment

27 August 2026

Partnership agreement marks new milestone for Derby’s Market Place redevelopment

The transformation of Derby’s Market Place has taken another step forward, with the signing of a Master

Development Agreement between ION Property Developments Limited and Derby City Council.

Now in contract as the Council’s Strategic Development Partner, ION will work alongside the Council to

deliver its plans to regenerate several sites across the city centre, including the Market Place.

An illustrative image of Derby MADE

Outline plans for the Market Place, which were drawn up using feedback from two public consultations

and approved by the Council’s Planning Committee in July, include Derby MADE. Sitting on the site of the

former Assembly Rooms, the multi-use building will feature a music venue, cultural / exhibition space, a

young person and family library, and dedicated flexible working and meeting areas. It will be complemented

by Derby HOTEL, a four-star hotel and high-quality office space in Derby WORKS.

Earlier this year, ION underwent a buyout and merger with VINCI UK Developments, the UK division of the

multinational VINCI Construction, cementing the two companies’ existing relationship and further

strengthening their delivery capabilities.

Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for Regeneration,

Strategy and Policy, said:

“This is another important milestone in our plans to revive this important and historic site in the heart of

Derby. We know how desperate everyone is to see work starting on site, me included, and the signing of

this contract brings that day even closer.

“ION Property Developments has an excellent record for delivering regeneration projects on this scale. By

bringing a private sector development partner on board, we can benefit from their expertise, capacity and

investment to help bring these ambitious plans for the city centre to life.”

Steve Parry, Managing Director of ION Property Developments, said:

“We are delighted to have entered into the Master Development Agreement with Derby City Council and to

be moving into the next phase of our partnership.

“ION, together with the wider VINCI business, is fully committed to the long-term delivery of this important

regeneration programme. By combining ION’s development and regeneration expertise with VINCI’s wider

resources, financial strength and delivery capability, we believe we have a very strong platform from which

to turn the Council’s ambitious plans into deliverable projects on the ground.

“Our focus now is on working closely with the Council to maintain momentum, progress the Market Place

proposals and deliver lasting benefits for Derby and its city centre.”

Caption (L-R): Andrew Webster from ION Property Developments, and Cllr Nadine Peatfield, Leader of Derby City Council.

Once the planning conditions associated with the demolition of the Assembly Rooms have been

removed, ION will begin preparing the site. This will include disconnecting utilities and creating a secure

and safe working environment, which will take a number of weeks.

Work to demolish the site is expected to take around 12 months and, once this is complete, work on the

new buildings will begin. Demolition consent for the Assembly Rooms was granted in March 2024.

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