Russell Homes secures £8.5m funding from Lloyds

Manchester-based Russell Homes has unveiled plans to build 135 new homes across two sites in Norden, Rochdale, and Holmes Chapel, Cheshire.

A funding package of £8.5m from Lloyds Bank will fund groundworks, construction and landscaping at the two developments.

At Greenbooth Village, Norden, Russell Homes is building 42 three, four and five bedroom detached and mews homes. Work will start immediately.

Saltersford Gardens, Holmes Chapel, will be a development of 93 two, three, four and five bedroom detached and semi-detached homes, subject to final planning approval. Work is expected to start in the autumn.

Andrew Russell, director of Russell Homes, said: “There is a strong demand for quality family homes in good locations. We’ve been careful to invest in sites with great potential and both Greenbooth Village and Saltersford Gardens are fantastic locations that I’ve no doubt will be popular with buyers.

“Both sites are already garnering huge interest. We had hundreds of enquiries about the Norden development before we even started building. It is an amazing site though, overlooking a reservoir with views over to the Pennine moors. This funding will support the construction of the properties here and, subject to final planning approval, at Saltersford Gardens in Cheshire. We are also looking for more sites that are well located for families and can help to meet a local demand for new homes.”

These new schemes mark an expansion in activity for Russell Homes, which has focused on developing small, high-end schemes in sought-after locations in recent years. The Waterfront in Anglesey was a development of nine apartments and three townhouses overlooking the Bay of Rhosneigr. In Alderley Edge in Cheshire, three of the four Victorian-inspired Alderley Villas properties were sold off plan prior to completion.

Russell Homes is also currently on site at Bower Brook Gardens in Widnes, a £14m joint venture with Halton Housing Trust. The scheme will deliver 175 new homes, 133 of which will be available for private and affordable rent with the Trust, while 42 are being sold privately by Russell Homes.

The business also has plans to develop a number of other sites in the North West and is in negotiations with landowners regarding further opportunities in the region.

Ryan Sorby, relationship director at Lloyds Bank Commercial Banking, said: “Russell Homes has a strong pipeline that will see the development of more than 300 new homes in the next year. We’re pleased to provide funding to support construction of 135 of those properties at Norden and Holmes Chapel which, between them, will eventually have a potential gross development value of approximately £39m.

“We are committed to backing ambitious and experienced businesses like this and we are looking forward to providing ongoing specialist support as it identifies further opportunities in the housing market.”

Russell Homes is a sister company of Russells Construction, a £65m-turnover contractor delivering commercial schemes across the North West.

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