Whitbread and Moorfield Real Estate Fund III have agreed terms to bring a new Premier Inn hotel and a Thyme restaurant to Derby Riverlights.
Premier Inn will be taking over the hotel space currently occupied by Hampton by Hilton and the hotel will boast 138 rooms, as well as high quality conference facilities. The new Premier Inn will also include a 120 cover Thyme restaurant – serving a mix of traditional and contemporary dishes.
John Bates, Head of Acquisitions (South) for Premier Inn said: “We are delighted to be bringing forward a new 138-bedroom Premier Inn to the Derby Riverlights development – breathing new life into the former Hampton hotel as a brand new Premier Inn. As well as delivering another fantastic location for our customers, it will contribute to the success and vitality of Derby’s city centre and we look forward to opening our doors to customers in early 2016.”
Charles Ferguson Davie, Moorfield, said: “Premier Inn will be the first of a host of new occupiers at Riverlights. Since we acquired the building in May this year, it has been our aim to ensure the area becomes a key leisure destination in Derby city centre. We are currently in conversations with other potential occupiers and are confident that Riverlights will offer a popular and diverse range of restaurants, bars and leisure operators in due course.”
Following these latest lettings, 15,500 sq ft of space is currently available in The Boulevard at Riverlights. This remaining space comprises a mix of retail, bar and restaurant units, ranging from 3,600 to 8,000 sq ft in size, each of which has a significant area for outdoor seating.
Located adjacent to the River Derwent, Riverlights is already home to a 105 bedroom Holiday Inn, a Genting Casino and Derby bus station with a footfall in excess of 12 million people every year.
The retail and leisure sector is a key element in the ongoing regeneration of Derby, with over 25 million visitors and £570 million of retail spend recorded every year. Riverlights is situated on the eastern edge of Derby city centre, adjacent to the intu Derby shopping centre and Riverside Gardens, and acts as a key gateway to the city.
Moorfield acquired Derby Riverlights for Moorfield Real Estate Fund III, a UK focused private equity real estate fund investing in both traditional and alternative real estate with over £350m of equity capital for investment.