Member Article

Derwentside Homes subsidiary makes triple Durham sites acquisition

Prince Bishops Homes Ltd have acquired three sites in the Stanley area to develop housing on.

The deal, lead by County Durham law firm Swinburne Maddison LLP, will lead to the development of 59 two-bed bungalows and eight three-bed houses worth around £8 million.

A subsidiary of Derwentside Homes Ltd, Prince Bishops Homes Ltd will draw on the Homes & Communities Agency’s (HCA) Affordable Homes Programme to fund part of the development.

Known as Eastfields, Humber Hill and Chaucer Close, the 12-month construction programme will begin in June this year and the bungalows will be available for market and affordable rent, with seven bungalows at Eastfields also available for sale. A building contractor is not yet appointed .

Steve Melvin, director of Operations at Derwentside Homes, added: “We are pleased that we have now been able to secure a further three sites for housing development in the near future.

“Some of the new homes will be built with the support of the Homes and Communities Agency (HCA) funding and Prince Bishops Homes, our subsidiary, will be working in close partnership with Durham County Council across all three sites.”

Swinburne Maddison LLP has a longstanding relationship with Derwentside Homes, which owns and manages around 6,700 properties formerly owned by Derwentside District Council and has acted for the housing provider in relation to numerous property.

Victoria Walton, partner, Swinburne Maddison, explains: “With its large portfolio of property, Derwentside Homes handles a large number of applications for housing each year and is committed to addressing the pressing need for additional housing stock within the County Durham area, so we were pleased to have had the opportunity to work with them again to facilitate this transaction.”

This was posted in Bdaily's Members' News section by Tom Keighley .