Yorkshire landlord buys stake in property developer
A Yorkshire housing association is set to build thousands of new homes after buying a majority stake in a property development company.
Broadacres Housing Association will focus on building private sale homes after becoming the majority shareholder in Mulberry Homes Yorkshire. The development company will also build some affordable housing to be let by Broadacres and said it would explore the possibility of developing market rent properties.
The company already has plans for a 1,000-home development on the outskirts of Thirsk and an 85-home scheme at Leeming Bar. Other schemes are also ‘in the pipeline’ according to Broadacres.
The Thirsk scheme, known as Sowerby Gateway, is being supported by a £3.5 million loan from the Homes and Communities Agency through its Get Britain building fund for stalled developments.
Steve Towers, managing director of the 5,500-home landlord and now chair of Mulberry Homes, said the move would help ease the undersupply of housing in Yorkshire.
‘Through this company we will be able to deliver many more developments and deliver on our commitment to providing affordable homes for local people in a county where the average house price is almost eight times the median regional income,’ he said.
‘This is a significant investment on our part and any profits we make will be ploughed directly back into the association to ensure we continue to ensure that our existing properties meet both the needs and aspirations of our customers.’
Mr Towers added that Mulberry Homes will focus on building luxury properties in premium locations to help create new communities in North Yorkshire.