The University of Derby has won planning permission for a new business school which could one day support 6,000 students a year.
Derby City Council has approved plans to build the new facility on land next to the university’s One Friar Gate Square building.
The plans, supported by Marketing Derby and the Derby Economic Development Advisory Committee, make up the first element of the university’s city masterplan, which will help connect its various sites.
University vice-chancellor and chief executive Professor Kathryn Mitchell CBE said: “We are delighted that the planning application for our city centre-based Derby Business School has been approved.
“This is a key milestone for the project, and we are extremely pleased to have reached this stage.”
The business school will feature innovative teaching and learning spaces, including a virtual reality suite, stock market trading room and creative labs.
Alongside this, the building will be a technology-enabled smart campus and be used as a living lab for research projects from across the university and industry.
In a letter backing the proposals, which was submitted to the city council, Marketing Derby’s managing director John Forkin wrote: “The university’s proposal for a new Business School enhances the city’s regeneration prospects and will bring significant economic benefits to a currently underused part of the city.
“The proposed development will contribute to the objectives of the Derby Recovery Plan and fits with the city’s core recovery themes; maintain confidence in the city, decarbonisation and diversification of the economy.”
The plans are for the building to be zero carbon and construction is due to start in November, with the building earmarked to open in September 2024.
Prof Mitchell said: “The building will be crucial in the city’s regeneration plans and will offer students a high-quality, innovative learning and teaching environment.
“Working closely with our partners, we are looking forward to the next phase of this ambitious and significant development.”
Manjit Paget, programme manager for the Derby Business School, said: “We expect this development to be a welcoming and interactive space – a building where students will learn, but also where businesses can come in for advice, work with our student community, researchers and business support units.
“The idea is that it will host specialist spaces for collaboration and idea generation and will enable us to further enhance our research with partners across the D2N2 corridor.”
