School friends launch property development venture

An investment banker has returned to his North West roots to set up a new property development company with his childhood friend.

Aaron Stowell and Richard Whiting have been friends ever since they were pupils together at Stretford High School.

While Whiting subsequently qualified as a surveyor and pursued a career as a director at a number of architectural practices in the North West, Stowell became an investment banker based in London.

Now the pair have joined forces to found Elmridge Developments and have completed their debut project of four family homes in Urmston, backed by a £500,000 development loan from Lloyds Bank Commercial Banking.

Stowell said: “Working in the city has its rewards, but I felt that working with Richard to build something tangible would be more rewarding.

“Manchester is a growing city and there is a shortage of good quality family homes.

“We want to develop the kind of quality properties that we would be proud to live in ourselves, in towns and suburbs across the north west.

“We feel that the areas that we are targeting and the kind of homes we are building will help to insulate us from any market fluctuations going forward.”

Whiting came across the opportunity to develop the site by chance after driving past a timber merchant that was on the market as the owner was retiring.

The open plan, four bedroom homes were designed and developed in house, with the build tendered out to four local contractors.

Whiting said: “I was keen to secure an opportunity in Urmston as it is very much an up-and-coming area.

“We’re already looking at similar sized developments in Warrington and Lymn that we hope to be able to progress in the next six months.

“The aim is to build a brand that is known and respected, not just by the public but within the industry too.”

All the four homes have already been sold, and the new owners moved in last month.

The pair hope to achieve annual profits of £1m by the end of their third year in business.

Craig Gibbons, relationship manager, Lloyds Bank Commercial Banking, said: “It’s great to be able to support a new business that is led by a dynamic, energetic top team like Richard and Aaron.

“The success of their debut project has given them the confidence to pursue more opportunities in the area and they have already identified sites with strong potential.”