The building occupies an entire island site of 1.22 acres, and is currently used as a document storage warehouse by Hays Commercial Services. Hays will take a leaseback for 12 months at a rent of £1.45 million ($2.03 million) per annum, and once vacated, Derwent Valley plans to refurbish the building for a mixture of uses ranging from B1 offices to storage.

Managing director John Burns says: 'This acquisition continues our policy of investing in improving areas with strong growth prospects. Centric House is ideally located to benefit from the substantial development and regeneration of the area to the north of the City.This project offers the potential of creating an innovative refurbishment project that can be undertaken in phases. The existing building has substantial scope, having been used for warehousing for many years and we will review our options over the leaseback period'.

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