A pair of property development companies have joined forces with the aim of breathing new life into one of Derby city center's historic streets.
Cavendish & London Property Group and Urban Sister Developments are working together to revamp properties in the Wardwick.
The area surrounding the Wardwick is currently the focus of major regeneration plans, with the proposed £200 million Becketwell scheme, which would create hundreds of build-to-rent apartments, retail units and offices, close by.
Cavendish & London, which is based in Leicester, specialises in creating modern student and professional accommodation.
The firm has recently invested in property in the Wardwick and snapped up an 18-bedroom property in nearby Curzon Street, which it intends to renovate later this year.
Meanwhile, Urban Sister Developments, is also investing in properties in the Wardwick.
It has recently secured a deal for the former offices of Lings and also has an offer under consideration for a property next door.
Combined, the two properties would provide 5,500 sq ft of floor space, which the firm would convert to luxury student accommodation.
Urban Sister was founded by sisters Ruth and Gillian Hobbs, who are both from London. Ruth now lives in Derbyshire and the company has become a Marketing Derby bondholder.
For the past 18 years, the pair have been working on residential and buy-to-let refurbishments in London - but have since expanded to the Midlands.
The firm specialises in taking unused and unloved city centre buildings and converting them into luxury living accommodation for students.
The Wardwick would not be the company’s first project in Derby. The firm is also responsible for the award-winning Urban Lofts project, a new luxury student accommodation scheme at the former Majority House, in Lodge Lane.
The empty office block has been converted into three stylish co-living apartments, each with six en-suite bedrooms.
Ruth said: “We are committed to helping the high street and bringing unloved buildings back to use.
“We’ve just completed the purchase of a listed 2,500 sq ft building in the Wardwick, which is in a terrible state.
“We are also currently under offer on the property next door, which has a floor space of 3,000 sq ft which we intend to convert, sympathetically.
“We’d love for the people in Derby to get behind the scheme and help us clean up the street and bring vibrancy back to this beautiful area of the city centre.”
Atish Parmar, from Cavendish & London Property Group, who also runs his own digital marketing company Metric Connect, said he has decided to invest in Derby following a number of successful projects in his native Leicester.
He said: “Derby needs to bring more student and professional clientele into the city centre, where the yields are attractive. I know Derby well as my wife is from here and I’m a regular visitor to the city.
“Our development formula, which we have used in Leicester, works well - and I’m now bringing this to Derby.
“The strip of properties within Wardwick has been lifeless for a long time and we shall be adding more vibrancy by having residential living on the upper floors.
“We have also instructed Innes England to look for a tenant within the commercial unit too.
“We look forward to seeing the change in the coming years to this part of the city centre.”