Derby City Council has signed a Master Development Agreement with ION Property Developments Limited to deliver the regeneration of the Market Place and other city-centre sites in Derby, UK.

The Derby Market Place redevelopment has moved into a new phase following the signing of a Master Development Agreement between Derby City Council and ION Property Developments Limited. Under the agreement, ION becomes the Council’s Strategic Development Partner and will work with the Council to regenerate several city-centre sites, including the Market Place. The agreement is intended to provide the framework for taking the regeneration plans from planning and preparation through to delivery.

The redevelopment is centred on the transformation of the former Assembly Rooms site. The proposals include Derby MADE, a multi-use building incorporating a music venue, cultural and exhibition space, a library for young people and families, and flexible working and meeting facilities. The wider scheme also includes Derby HOTEL, a proposed four-star hotel, and Derby WORKS, providing high-quality office space. The outline plans were approved by Derby City Council’s Planning Committee in July 2026 following consultation with residents and stakeholders. 

ION Property Developments brings experience in large-scale urban regeneration and has previously worked with local authorities on schemes including Wolverhampton Interchange, Liverpool’s Knowledge Quarter Gateway and Rhyl Waterfront. Earlier in 2026, ION underwent a buyout and merger with VINCI UK Developments, strengthening the partnership’s development, financial and delivery capabilities.

The immediate next step is preparation of the Assembly Rooms site. Once the relevant planning conditions for demolition have been removed, ION will begin disconnecting utilities and securing the site before demolition. The demolition itself is expected to take approximately 12 months, after which construction of the new buildings can begin. Demolition consent for the Assembly Rooms was originally granted in March 2024. The Master Development Agreement is particularly important because the redevelopment is a multi-phase regeneration programme, rather than a single construction project. The Council is retaining control of the land and has contractual protections if the development partner fails to meet agreed milestones. The arrangement is designed to ensure that demolition is linked to the wider redevelopment programme rather than leaving a cleared site without a viable development plan.