£1bn price tag put on Cityscape

More than £1bn could be invested in Derby, under plans drawn up by the Cityscape project.

The money, which will be used to fund 5,000 new homes, a new arts centre and a riverside hotel, will come mainly from private investment.

It will also be used to fund improvements to Derby railway station and a transport link between there and a new shopping complex.

Council chiefs say businesses can be shown the city is worth investment.

'Develop quality'

John Cadwallader, the chief executive of Derby Cityscape, said: "A billion is an awful lot of money and most of that will have to come from private companies.

"The reality of Cityscape is not to be pushing money out to people but actually encouraging development and getting outside companies to make that investment.

"It's not just development for the sake of it, we don't want to try and copy Nottingham, we want to build on the existing qualities that the city already has."

Representatives from the city have already travelled to London to meet members of the government and business community.

While there is no strict timetable for the scheme, residents are being warned it could be 20 years before it bears fruit.