Monday, April 15, 2024

Elevate secures £11.9m Paragon Bank finance for historic Derby Silk Yard development

Elevate Property Group has secured an £11.9 million finance facility from Paragon Bank’s Development Finance division for the development of The Silk Yard, a 258-strong apartment scheme in the centre of Derby.

Located on the corner of John Street and Castleward Boulevard, the building consists of a selection of studio, one, two and three-bed apartments and is already proving popular with over 35% reserved.

The Silk Yard, which is ideally positioned between the city centre and the railway station, will be built across three phases, with construction expected to be complete within two years. It will usher in new life at this landmark historic site, a site that has been home to manufacturing for the past 200 years.

With more than 100 years of combined development experience, Elevate has a proven track record in regenerating urban sites into much-needed city centre living spaces that leave a positive legacy.

Previous schemes have ranged from mid-century conversions and contemporary new builds to transforming forensic science labs and even the painstaking restoration of one of Birmingham’s last remaining Georgian villas in Old Heaton House.

The Silk Yard deal was led on behalf of Paragon by Relationship Director Toby Burgess, with support from Portfolio Manager Joshua Mann, and marks the sixth collaboration between Paragon and Elevate.

Steve Dodd, Chief Executive of Elevate Property Group, said: “The Silk Yard is in the prime DE1 area of the city and offers a collection of high quality, contemporary apartments.

“All are spacious, light-filled homes, built for a new generation of living and are ideal for young professionals, commuters, downsizers, and investors.

“It has been a pleasure to work with Toby Burgess, Joshua Mann and the Paragon Development Finance team on these fantastic properties. Paragon shared our vision for the development, took the time and care to understand our requirements, and delivered an ideal financing facility that will bring ideal properties to Derby city centre.”

Toby Burgess, Paragon Bank Development Finance Relationship Manager, said: “The Silk Yard is an innovative development that ideally reflects our passion for supporting bespoke developments in ideal locations – and I’m delighted to have worked closely with Elevate to make this development a reality.

“As a part of the FTSE250 Paragon Banking Group, Paragon Development Finance is ready to support developers throughout the UK in responding to the growing demand for high-quality homes that meet today’s needs. I look forward to following The Silk Yard’s success and seeing the benefit our partnership with Elevate will bring to Derby.”

The £50m Silk Yard development, which has been designed by architects Corstorphine & Wright and is being built by Bode Contracting, is the first time Elevate Property Group has developed in Derby.

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