Major leap forward for PE-backed housebuilder as development sites secured
Sheffield-based housebuilder, Honey, has secured eight sites in Yorkshire and Derbyshire which it says should deliver 1,000 plots and revenues of £300m.
The business, which launched eight months ago, is also in advanced negotiations on a further seven sites which it expects to exchange contracts on by the end of this year.
It adds that subject to planning, these will deliver a further 930 plots in total with a gross development value of £260m.
And the company has revealed the appointment of former Vistry Group head of land, Luke Herring, as land and planning director to drive its site acquisition programme.
Luke Herring
Honey was founded by former Avant Homes chief executive officer, Mark Mitchell, in October last year.
The company is backed by private equity firm Alchemy Partners and its Alchemy Special Opportunities Fund IV which has £937m of fully committed capital.
The housebuilder’s first development, a £14m, 50-new home scheme called Amber in South Normanton, Derbyshire, is currently underway.
Honey has recently submitted plans and exchanged contracts to deliver a £20.35m, 75-new home development called Hazel in Matlock, Derbyshire.
And the housebuilder is awaiting a decision on its plans for a £23.5m, 95-new home development on Barnburgh Lane, Barnsley, called Iris.
Its five other secured sites are located across Yorkshire and the Midlands. Honey is currently in advanced negotiations on seven other sites ranging from Nottingham to Leeds.
The housebuilder currently employs 20 people with a further 15 due to join before the end of September.
Mitchell said: “We have significantly exceeded the expectations we set in our business plan and have developed a great deal of momentum in our first eight months of trading.
“Hiring Luke is a very important appointment for us as it will enable us to maintain this momentum.
“He is an excellent operator with the capability, drive and ambition to deliver our growth plans to quickly become an established housebuilding brand within the north of England and the Midlands.”
