Case Studies - Rosemead, Ingbirchworth

Developer: Yorkshire Heritage Homes
Development: Rosemead, Ingbirchworth, Yorkshire
GDV: £2 million
Scheme: 8 houses

CALA Finance is funding a £2 million residential development in the attractive rural setting of Ingbirchworth, near Penistone on the edge of the Peak District.

CALA Finance (Yorkshire) is backing Ilkley based developer Yorkshire Heritage Homes in their first ever residential development 'Rosemead', which will comprise 8 traditional stone built family homes of 7 townhouses and 1 detached property, set in idyllic, picturesque location yet easily accessible from the M1 motorway.

"We are delighted to be funding this new property company in their first venture. This is a thoughtfully designed scheme, in an excellent location with the countryside on the doorstep yet in close vicinity to the M1. The homes are affordable for families with prices from £249,950 and will appeal to those looking for a high quality of specification and attention to detail in the design." Says David Whittaker, Managing Director for CALA Finance (Yorkshire).

CALA Finance will provide 100% of the funding for the development in return for a share of the profits. This type of package is specifically designed to help smaller house builders and first time developers such as Yorkshire Heritage Homes to get funding for their developments, which they could otherwise not get from other sources without providing up to 35% of the development costs themselves. The company funds residential schemes with an end development value ranging from £1.5 million to £20 million.

Chris Ives, Director of Yorkshire Heritage Homes comments:

" As a small developer, we do have experience of the property industry and market, but working with CALA Finance has been an invaluable experience where we have been able to draw from their knowledge and their help and support has been very well received.

He continues:

"We are already looking at a number of similar projects of small and select, high quality developments across Yorkshire and would hope we will be able to work with CALA Finance again on future projects."