A renowned Derby city centre site is set to be cleared for redevelopment thanks to investment from the Mayor of the East Midlands.
Members of the East Midlands Combined County Authority’s (EMCCA) Investment Committee are being recommended to approve plans to award £3m to Derby City Council to clear the former Assembly Rooms site, ready for investment.
Following a fire more than a decade ago, the Assembly Rooms building has stood out of use while Derby City Council completed the preparatory work needed to bring the site back to life.
The investment from EMCCA would fund the work needed to prepare the site for development. Proposed work includes demolishing the former performance venue, beer cellar and multi-storey car park, removing any remaining asbestos and general site clearance.
Mayor of the East Midlands, Claire Ward said: “This £3m investment is another important step in turning ambition into action for Derby and the wider East Midlands.
“Derby Market Place is an important part of the city’s identity, and this funding will help unlock its potential as a lively, attractive and inclusive place that supports local businesses, brings people into the city centre and creates more reasons to spend time in Derby.
“This is exactly what my Investment Fund is here to do – back practical projects that create better places, provide jobs and make a real difference to local communities.”
Future plans for the site include a new four-star hotel, office space and Derby MADE – a multi-use community building with exhibition space, a library and a rooftop bar.
The funding will also support design work and improvements to the streets and public spaces around the Market Place, helping the council move forward with the wider regeneration masterplan.
Demolition will begin once the planning conditions attached to the Assembly Rooms building have been satisfied, with construction to follow afterwards. Members of Derby City Council’s planning control committee are set to meet in July to consider an outline planning application for the site.
Councillor Nadine Peatfield, council leader and cabinet member for regeneration, strategy and policy, said: “We are preparing for the next chapter of Derby’s Market Place, and this funding marks another milestone in our journey to transform the former Assembly Rooms site.
“Thanks to EMCCA’s investment and our partnership with Ion Developments, we are moving forward with plans to create new opportunities, investment, and vibrancy in the heart of our city.
“Our shared vision will deliver Derby MADE – a flexible and creative cultural venue; Derby HOTEL – a high-quality four-star hotel that addresses a recognised gap in our hospitality market while supporting businesses and the visitor economy; and Derby WORKS – Grade A office space designed to attract investment, support enterprise and create jobs. These plans represent an exciting future for the Market Place and for Derby city centre as a whole. We are incredibly excited about what lies ahead and the positive impact this development will have for residents, businesses and visitors alike.”
Steve Parry, managing director of ION Developments, which is working with the council on the development plans, said: “The support of EMCCA to this transformational project is incredibly positive. Working in close collaboration with the city council and after much detailed stakeholder engagement we have presented a clear case that demonstrates the importance of this work to revitalise the city centre.
“The demolition of the Assembly Rooms and adjoining multi-storey car park is a pivotal step in delivering this vision.”
This project is part of EMCCA’s wider mission to deliver fast, fair growth across Derby, Derbyshire, Nottingham and Nottinghamshire. Through the investment fund, Mayor Claire is backing projects that unlock key sites, support regeneration, create jobs and attract further investment into the region.
The project forms part of a wider push to strengthen Derby’s city centre as the city prepares to become the home of Great British Railways’ headquarters and plays a central role in the Trent Arc growth corridor linking Derby and Nottingham.
The investment committee meeting takes place on Monday, June 29, at 11.30am, in the Joseph Wright Room, Derby City Council, Council House, Corporation Street, Derby DE1 2FS. Members of the public are welcome to attend, while the meeting will also be streamed live on EMCCA’s YouTube channel at www.youtube.com/@EastMidsCCA
Published on: 22 June 2026
Categories: News, Economic Development