Housing developer secures £15m loan for new riverside scheme

Wavensmere Homes has secured a £15 million loan which will allow it to push ahead with a new housing development in Derbyshire.

The firm, which is behind the Nightingale Quarter, Friar Gate Goods Yard and Cathedral One schemes in Derby, has secured the loan from Quantum Development Finance for the £22 million redevelopment of Milford Mills.

The scheme will comprise 69 new homes, overlooking the River Derwent, at Milford, which is between Belper and Duffield.

The redevelopment of the former commercial premises will feature 42 two- and three-bedroom houses and 27 one- and two-bedroom apartments, within a four-storey building overlooking the river and Mill Lade.

James Dickens, managing director at Wavensmere Homes, said: “Milford is one of the most sought-after villages, with the area’s historical importance reflected in the UNESCO World Heritage status.

“We are grateful to Quantum Development Finance for the funding to deliver this important £22 million redevelopment project.

“Such is the pent-up demand for housing in Milford, we have already been approached by over 600 local people keen to secure a new home here, with 21 having first refusal of their choice of plot.”

It is the second time Quantum Development Finance and Wavensmere Homes have teamed up to deliver brownfield regeneration within Derbyshire.

Earlier this year, the London-based specialist property lender provided a £15 million loan for the construction of the final phase of the £175m Nightingale Quarter scheme in Derby city centre.

The ‘E6’ block incorporates 79 one-bedroom and 24 two-bedroom apartments, with a raft of green energy features.

Sam Hudson, head of portfolio management at Quantum Development Finance, said: “Following the success of our initial loan at Nightingale Quarter we are delighted to continue this partnership on Milford Mills.

“At Quantum Development Finance we pride ourselves on building long-standing relationships, especially with one of the leading regeneration specialists in the UK.

“We look forward to witnessing the transformation of this brownfield site into attainable family homes, and it is testament to Wavensmere Homes that both sites also have strong sustainability credentials.”

The 4.7-acre development will be gas free, with air source heat pumps installed in all houses, while the apartments will have electric heating, with solar PV panels fitted to the roof of the building to generate renewable energy.

The site will be further complemented by 1.5-acres of public open space and the recent restoration of the Grade II listed Dye House by Chevin Homes to form a 4,500 sq ft commercial premises.

With development finance in place, Wavensmere’s team is continuing to work alongside officers from Amber Valley Borough Council to enable construction to commence in January.

James said: “Milford Mills will have a clear focus on sustainability and renewable energy, while delivering natural stone facades that reflects the traditional architecture of this village and the nearby market town of Belper.

“We look forward to being able to start construction for the 69 riverside houses and apartments in the coming months.”