Work completes on first building at £50m apartments scheme

The first apartment block at a £50 million development which forms part of the regeneration of the Castleward area of Derby has been completed.

Elevate Property Group has announced that the first building in the three-phase Silk Yard scheme, named Mulberry House, is now finished.

The developer has also said that 65% of the 94 apartments which make up Mulberry House, which is on the corner of John Street and Castleward Boulevard, have been sold.

The completed Silk Yard project will eventually consist of 258 apartments.

David Hofton, sales and marketing director at Elevate Property Group, said: “The scheme has got off to a tremendous start and is proving popular with a range of local buyers including downsizers, those looking for a ‘lock up and leave’ property, and investors attracted by huge rental demand in the city.

“First time buyers are also clamouring to secure a home here with prices starting from an affordable £140,000.”

The Silk Yard scheme complements the wider regeneration of the Castleward area.

Derby City Council is working with regeneration specialist Compendium Living, housing firm Lovell and housing association Riverside, to create Castleward Urban Village, with the aim of delivering more residential space and driving an increase in city living.

In September, a ground-breaking ceremony took place to mark the official start of construction on the fourth phase of the development, which will deliver 112 new homes.

Situated between the Derbion shopping centre and Derby Midland Station, Castleward will provide around 700 new homes, as well as green space and nearly 35,000 sq ft of commercial retail space.