Nikal moves into housebuilding with Hillcrest
PROPERTY developer Nikal Group has backed a management buyout of luxury housebuilder Hillcrest Homes.
Hillcrest has been acquired by its managing director, Michael Kennedy from construction group Cruden for an undisclosed sum.
It will trade as separate limited company under the Nikal umbrella and its team if five has moved to Nikal’s MyBuro offices in Altrincham.
Hillcrest Homes was established in 1985. Michael Kennedy joined in 2002 as sales director and was promoted to managing director a year later.
Hillcrest has delivered a portfolio of high-end residential dwellings in affluent Cheshire villages, such as Prestbury, Alderley Edge and Hale in south Manchester.
More recently, Hillcrest has concentrated on select developments of high quality family and executive homes in locations including Knutsford, Didsbury and Chorlton.
As part of the Nikal Group, Hillcrest will undertake regeneration projects and the develop brownfield sites in Manchester city centre, the wider North West and beyond.
Alan Murphy, who launched Nikal in 2003 with Nick Payne said: “Nick and I have wanted to broaden our development base for some time and the house building sector has been a key target. This is a strategic purchase to take advantage of the shortage of housing in the UK. With cross party political support, the housing sector is an exciting opportunity for us.
“We have put in place a strategy for the business that identifies routes for substantial and sustainable growth and expansion, and already have a number of prime development sites and joint venture opportunities in advanced discussions. Our future together will be very exciting,” he added.
New opportunities include a development of eight contemporary properties in a lakeside setting in Poynton and a joint venture scheme of executive townhouses in Ancoats, in Manchester City Centre.
Michael Kennedy said: “Nikal is a dynamic, progressive and forward thinking company with an outstanding reputation and excellent contacts. The opportunities and resources afforded Hillcrest from this new association are phenomenal and will allow us to undertake more development and escalate brand awareness on a regional and national scale.”
