Developer secures over £21m for next stage of Derby’s Silk Yard scheme

Elevate Property Group has secured a £21.1m funding package from Paragon Bank to back the next stage of its Silk Yard development, a 258-apartment scheme in the centre of Derby.

The latest phase will include 164 studio, one-, two-, and three-bedroom apartments, along with a central gated courtyard for residents to enjoy outdoor space.

The project will unfold over three phases and is anticipated to be finished within a two-year timeframe.

Paragon Bank previously supported Elevate Property Group with £11.9m for the first phase of the Silk Yard, which will be finished by summer 2024 and has already sold over 60% of its 94 apartments.

James Costello, managing director of Elevate Property Group, said: “It’s been great work with Paragon on the second phase of the Silk Yard scheme in Derby to deliver new housing to this vibrant area. We’re pleased that the first phase of the scheme has been so successful, with over 60% of the properties already sold, we’re looking forward to being able to deliver 164 more apartments to this local community, as Derby city centre continues to be a sought-after location.”

Toby Burgess, relationship director at Paragon Bank, said: “It’s been a pleasure to work with James and the Elevate team once again, to support the second phase of the Silk Yard scheme in Derby. We’re delighted that Paragon has been able to support both phases one and two of this development, providing a total funding package of £33m. We’re looking forward to seeing how the scheme progresses and how it makes a positive impact on the area.”