Phase one of Derby’s Silk Yard completed
Housebuilder Elevate Property Group has completed phase one of The Silk Yard, its residential scheme in Derby city centre.
The Birmingham-based developer, investing £50m into the project, has finished the first building, Mulberry House, which offers 94 apartments – 65% of which are already sold.
The Silk Yard, when complete, will feature 258 homes spread across three phases, with a mix of studio, one-, two-, and three-bedroom apartments.
Mulberry House offers gated parking, EV charging stations, and private entrances for select ground-floor units, along with new interiors that include integrated kitchens and bathrooms.
Show homes are now open, giving prospective buyers a first-hand look at the development’s finishes.
With pricing starting at £140,000 for studios, the first residents are expected to move in before Christmas.
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 downsizes, 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 Autumn launch of our outstanding ‘gifted deposit’ initiative means that first-time buyers have the potential to get on to the property ladder much earlier than they may have thought. With mortgage rates on the downward trend, helped by last week’s further Bank of England interest rate reduction, making it easier for buyers to purchase, our gifted deposit for first-time buyers will further help them generate the upfront funds needed to get onto the property ladder.
“Some lenders are offering 90 per cent mortgages on apartment purchases, meaning that you only have to find a 10 per cent deposit. As we will pay up to 5 per cent of that through our gifted deposit contribution scheme, depending upon the property chosen, you could secure your first home with as little as a £7,000 nest egg.”
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