The joint venture will invest in a new GBP9.5 million Yorkshire Country Properties residential development
Dominvs Group, a London based real estate development and investment group, has partnered with regional house-builder Yorkshire Country Properties to invest in a new GBP9.5 million Yorkshire Country Properties residential development.
The 31, one-to-four bedroom natural stone homes, including starter homes and family houses, will be located off Abbey Road in the village of Shepley in West Yorkshire.
This initial joint venture is a first step towards a closer strategic relationship between the developers who will look at undertaking more new homes developments together in the Yorkshire region and beyond, with the aim of building a significant regional housebuilding business.
The Dominvs Group investment will provide 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 £7 million.
Under the terms of the new partnership, Dominvs Group and Yorkshire Country Properties will benefit from the revenue generated by sales, and Dominvs Group will have the option to join in later phases (two and three) of the new development as an extension to this joint venture.
The investment and partnership in Yorkshire 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 and looking at private residential, student, retirement, build-to-rent and joint venture opportunities around the UK.
The cottages and houses at Shepley will range in size from 480 sq. ft. up to 2,200 sq. ft. with prices anticipated to start from GBP115,000 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.
Yorkshire Country Properties are 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 with the first phase release effectively sold out, with a second phase release and marketing being undertaken over the coming months.
Husnell Ahluwalia, Director of Dominvs Group says: Dominvs Group is delighted to announce our new partnership Yorkshire Country Properties which is part of our strategy to diversify into the residential market over the next five years which includes seeking real estate opportunities beyond our London heartland and looking at private residential, student, retirement, build-to-rent and joint venture opportunities around the UK. 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.
Stewart Brown, Managing Director of Yorkshire Country Properties, says: 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 house-builder. 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.
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