Brand new Birmingham-based property investment company, Joseph Mews, has been appointed by property developer Wavensmere Homes to bring The Pavilion at Nightingale Quarter to market.
The site of the old Derby Royal Infirmary is being thoughtfully restored by established developer Wavensmere Homes and represents a landmark development that will revolutionise the local rental market.
As the first release of Nightingale Quarter, The Pavilion is a collection of 70 premium apartments with a mix of one-bed, two-bed and three-bed layouts.
The wider Nightingale Quarter is a complete redevelopment of a historic Derby site and one of the largest regeneration projects in the UK – located just five minutes from Derby city-centre and comprising 800 townhouses, houses and apartments.
Two original structures remain from the original Derby Royal Infirmary site, sitting either side of The Pavilion and lovingly nicknamed the ‘Pepper Pots’. The interiors of these buildings will be transformed into a gym and restaurant, while the exteriors will have their original features restored.
Spearheaded by Wavensmere Homes – a property developer with a passion for authenticity – Nightingale Quarter will blend contemporary living with vibrant green spaces to create a premium standard of apartment not found in the current market.
This will fill a need for quality residential apartments in the city to cater to the influx of young professionals that are entering the city.
Research by Joseph Mews suggests that the city has just 17,800 rental properties in the current market, a level of supply that is dwarfed by a population set to increase by 46,000 over the next 15 years.
This wave of demand is largely being driven by global businesses such as Rolls Royce, Toyota and Bombardier, all of whom are attracting new professional workers to the city looking for high-quality accommodation. The impact this has had on the Derby rental market has helped it drive the highest annual increase in rents over the last year, rising by 8%. With the Joseph Mews UK property market forecast suggesting that UK property could see prices rise by 20% by 2026 on average, Derby remains a key investment location because of the affordability, rental yields and future growth it can provide.
The Pavilion will be ideally placed to take advantage of these key attributes, delivering a new standard of living for tenants and an incredible performance for investors.
The Pavilion at Nightingale Quarter is one of two new launches from Joseph Mews and the company’s first development in the East Midlands.