£5m financing package secured for house builder
South Yorkshire house builder, Ben Bailey Homes, has completed a £5m financing deal with the St Bride’s White Rose Residential Partnership to deliver its current pipeline of new homes in South Yorkshire.
This includes a 23-home Rockingham Fold development at Upper Haugh near Wentworth, and a 20-home second phase of Harrop Mews, in Swinton.
Ben Bailey/Conroy Brook CEO, Richard Conroy, said: “This new partnership is an important step in delivering our business plan of high-quality homes across the region and we are pleased that our values and objectives have aligned so well with St Bride’s.
“We look forward to delivering this first round of projects and we now have a remit to acquire more sites of 30-100 units with St Bride’s going forward in the South Yorkshire region.”
Ian Houston, partner at St Bride’s Managers, said: “This is the third lending deal the Partnership has recently completed in South Yorkshire for our residential partnership and we are happy to be supporting Ben Bailey with their growth plans to deliver more quality homes.”
The St Bride’s White Rose Residential Partnership has £50m of investor commitments for investment in residential assets across South Yorkshire.
It is continuing to look for opportunities to back businesses with a track record of delivering homes in the region.
Walker Morris acted for St Bride’s and Schofield Sweeney/ Square One solicitors acted for Ben Bailey.
Launched in 1933 by founder Ben Bailey, Mexborough-based Ben Bailey Plc was Yorkshire’s largest independent house builder, developing more than 700 homes a year when acquired by Gladedale in 2007.
Following the takeover and a subsequent rebrand, the Ben Bailey name disappeared from the construction industry but made a return after it was acquired by the Conroy Brook Group in 2018.
The company is currently delivering Swinton phase one, a development of 29 homes being developed in partnership with WDH as a mixed tenure, affordable scheme.
And it is renovating Swinton town centre in partnership with Rotherham Council to provide a new library and renovated Civic Building.
