Developer lands £15m deal to kick-start scheme on UNESCO World Heritage site
Developer Wavensmere has landed a £15m funding deal with Quantum Development Finance to kick off the £22m redevelopment of Milford Mills in Derbyshire.
The development will include 69 new homes to be delivered on the historic brownfield site, which is within the Derwent Valley Mills UNESCO World Heritage Site.
Wavensmere’s team will now work alongside officers from the Borough Council so that it can start the build in January.
This marks the second time Quantum Development Finance and Wavensmere Homes have teamed up to deliver brownfield regeneration within Derbyshire. Earlier this year, the London-based specialist property lender provided a £15m loan for the construction of the final phase of the £175m Nightingale Quarter scheme in Derby city centre.
Sam Hudson, head of portfolio management at Quantum Development Finance, said: “Following the success of our initial loan at Nightingale Quarter we are delighted to continue this partnership on Milford Mills. At Quantum Development Finance we pride ourselves on building long-standing relationships, especially with one of the leading regeneration specialists in the UK.
“The former 18th Century cotton mill housed some of the world’s first mechanised industrial spinning factories. This highly unique project will incorporate retention of historic features, including the Mill Lade that now feeds a hydroelectric power plant downstream, along with the repair of all original stone boundary walls. We look forward to witnessing the transformation of this brownfield site into attainable family homes, and it is testament to Wavensmere Homes that both sites also have strong sustainability credentials.”
Wavensmere Homes spent over £250,000 on archaeological investigations on site at Milford Mills throughout 2023, while amendments to the original planning application were being reviewed. The revised planning permission enables the 4.7-acre development to be gas free and fully compliant with new building regulations. The houses will be installed with air source heat pumps, while the apartments will have electric heating, with solar PV panels fitted to the roof of the building to generate renewable energy.
The site will include 1.5-acres of public open space and the recent restoration of the Grade II listed Dye House by Chevin Homes to form a 4,500 sq ft commercial premises.
James Dickens, managing Director of Wavensmere Homes, said: “Milford is one of the most sought-after villages in north Derbyshire, with the area’s historical importance reflected in the UNESCO World Heritage status. We are grateful to Quantum Development Finance for the funding to deliver this important £22m redevelopment project. Such is the pent-up demand for housing in Milford, we have already been approached by over 600 local people keen to secure a new home here, with 21 having first refusal of their choice of plot.
“Milford Mills will have a clear focus on sustainability and renewable energy, while delivering natural stone facades that reflects the traditional architecture of this village and the nearby market town of Belper. We look forward to being able to start construction for the 69 riverside houses and apartments in the coming months.”
