This imposing former Debenhams building, spanning 1.28 acres, on Victoria Street was purchased by Derby City Council as part of a masterplan to jump start the redevelopment of this section of the city.
It is located in the Becketwell area which has been in a state of decline for decades.
A number of private sector initiatives to regenerate the area failed, the last being in 2014.
The Council's analysis revealed that fragmentation of land ownership and other factors made a totally private-sector led solution unprofitable.
It therefore started the process to acquire two major land holdings in the area in order to remove barriers to development and to provide the stimulus required to aid economic growth.
In 2015, negotiations started for the purchase the former Debenhams building and six related properties on Green Lane and Macklin Street. The transaction was completed in March 2017.
These are in addition to Duckworth Square which was purchased in late 2014.
In June 2017, the former Debenhams building and the six properties were put up for sale and by September 2017 the Council had received expressions of interest for the from a wide range of specialist developers and investors across the East Midlands region as well as national and international attention to the development opportunity.
A shortlisting is underway and a decision is expected to be announced in the winter.
This prime location is within a stone's throw of the heart of the city, easy reach to the main train station and bus station and in close proximity to the main arterial routes of the city centre linked to the A601, A6, A52 and approximately 8.7 miles from Junction 25 of M1.
The site consists of the former Debenhams building (17-24 Victoria Street) which has a prominent road / street frontage of Victoria Street returning onto Green Lane, retail units 22, 24, 36, 46 & 48 Green Lane and 12 Macklin Street.
The Becketwell area is suitable for a mix of residential, commercial, retail and leisure uses.