House builder secures £7m investment for residential project

House builder Yorkshire Country Properties has entered a partnership with London-based real estate development and investment group Dominvs Group, securing investment for a £9.5m (GDV) residential development.

Located off Abbey Road in Shepley, West Yorkshire, the development will consist of 31 one to four bedroom homes.

Prices are anticipated to start from £115,000 for a starter home. The 18-month construction programme is due to start in November 2020 with the project launching to the market in early 2021.

The Dominvs Group investment will provide funds for land purchase and other costs, alongside Homes England funding support on construction costs. Land purchase and construction costs will have a combined value approaching £7m.

Under the terms of the partnership, Dominvs Group and Yorkshire Country Properties will benefit from the revenue generated by sales at the Shepley site, and Dominvs Group will have the option to join in later phases of the development as an extension to this joint venture.

The investment and partnership is part of Dominvs Group’s strategy to diversify into the residential market over the next five years which includes seeking real estate opportunities beyond its London heartland.

Yorkshire Country Properties is currently marketing Deynebrook in the village of Netherthong, on the edge of Holmfirth, a development of 22 new homes which is now 68% forward sold.

Second phase release and marketing will be undertaken over the coming months.

Stewart Brown, managing director of Yorkshire Country Properties, said: “Our new partnership with London headquartered investor-developer Dominvs Group will provide our company with powerful financial backing and the opportunity to accelerate our business plan and become a leading regional housebuilder.

“Dominvs Group’s experience of the highly competitive London market will provide us with very useful insights on the latest trends in specification and interior design.”

Husnell Ahluwalia, director of Dominvs Group, said: “Dominvs Group is delighted to announce our new partnership with Yorkshire Country Properties.

“High quality, competitively priced homes in the regional Yorkshire housing market continue to sell well and our partner benefits from extensive local knowledge and has a strong reputation evidenced by strong forward sales on their various projects.”