High quality office space key to town centre regeneration
Research from the Centre for Cities has shown that towns and cities with a strong economy tend to have a high proportion of high-quality office space, supporting high skilled businesses alongside a proportion of retail space.
Within the High Streets and Town Centres in 2030 report, which was published in February 2019, it identifies that local services on high streets depend on demand in the local economy. In cities and large towns like Chesterfield, high street demand is increasingly driven by the incomes of local people employed in highly skilled jobs. Those jobs tend to be in business sectors like communications, marketing, digital and technology, consulting and financial services.
Responding to the demand for high quality office space, Chesterfield Waterside has outline consent for a total of 30,350m² (326,500ft²) of office space, the first of which will be constructed at Basin Square.
Subject to planning approval, construction of a six-storey office building in the Basin Squareneighbourhood will begin later this year. It will deliver circa 35,000 sq ft of much needed high quality, Grade ‘A’ office space to Chesterfield, and is the first step in creating a new business district for the town.
In addition to Basin Square, further office accommodation is planned for the Station Place and Waterfrontneighbourhoods at Waterside, which will be available on either virtual freehold or leasehold on a bespoke basis.
Centre for Cities is the leading think tank dedicated to improving the performance of UK city economies. Its research focuses on the UK’s 63 largest towns and cities, defined as primary urban areas (PUAs), including Sheffield, Mansfield, Derby and Nottingham which are all within 45 minutes of Chesterfield Waterside. Chesterfield Train Station, which is on the doorstep of the development, also puts travel to London within 110 minutes.
A further report (City Centres: past, present and future) from Centre for Cities identifies that city centres such as Manchester and Leeds are thriving, because of the investment of knowledge-based industries, such as marketing, finance and law.
While successful cities typically feature fewer shops, the well-paying jobs they offer and the increased footfall in their city centres driven by the workers in offices based there, create a consumer market for high street restaurants, bars and other leisure activities.
With Chesterfield Waterside only a short walk to the town centre, it is anticipated that the development will further increase footfall for the town’s retailers, restaurants and bars. As well as high quality office accommodation, Chesterfield Waterside will also boast residential accommodation. Three hundred and ten Build to Rent apartments will be constructed at Basin Square, while Avant Homes is set to construct 177 two, three and four bedroom houses at Waterside Quarter by Avant Homes later this year.