UK-based Kier Partnership Homes has signed a deal with the Homes and Communities Agency (HCA) and Derby City Council in the UK to develop 700 new homes on a former hospital site in Derby at an investment of £100m.

The redevelopment of the Manor and Kingsway site, which will be completed over the next ten years, will also include retail and office space.

HCA head of Midlands North Graham Dobbs said: "We know through working closely with Derby Council that Manor Kingsway is a local priority, not least because the derelict buildings have been an eyesore for the communities around the site but also because of its potential as a mixed-use development, which will create jobs, homes and businesses, and boost local economic growth."

"We are really pleased to be supporting the council and local healthcare providers to transform this part of the city," Dobbs said.

Kier has partnered with house building firm Taylor Wimpey and East Midlands-based housing group Nottingham Community Housing Association (NCHA) to create the new neighbourhood on the western side of Derby, approximately 2.5km to the south-west of the city centre.

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The proposed development would include 700 new houses, comprising a range of affordable homes to rent and to buy.

The plans also include a new business park, which is expected to create 450 new jobs in the area.

Kier’s development proposal draws on the mill heritage of Derby and existing architectural influences across the site.

The proposal will enhance existing landscape features such as the tree-lined crescent and will bring back into use a large area of open space to the north of the site for leisure and an ecology area.

The company will also work with healthcare service providers on the development to ensure the new scheme is integrated with the provision of essential services.

Kier Partnership Homes managing director Chris King said: "Working closely with our partners and other local stakeholders we aim to create a vibrant and sustainable community-centred new neighbourhood, which will enhance the lives of residents and visitors alike."

Work on the project is expected to begin in autumn 2012.