L-R: Kris Kennedy, Keri Bywater, Rebecca Collins, Stella Xydias, Bal Gill, Kayleigh McGowan, David Hofton and Calum Bodell
Investors and young professionals are helping to develop Derby’s growing reputation as a property hotspot, according to the developers behind a £50m residential scheme in the city.
Elevate Property Group this week reported huge interest in The Silk Yard, its Liversage Street development of 258 apartments, even before the first of three phases is complete.
Mulberry House, the first of three apartment blocks, is now more than 60 per cent sold and will welcome the first buyers as they move in this August.
The sales follow reports from leading investment firms that Derby is among the best places in the UK to invest in property, with prices expected to grow by up to 20 per cent over the next four years.
As well as buyers from Derby and the East Midlands, the city is attracting incomers from across the UK, especially from London and the South East. Buyers are attracted by the city’s relative affordability, its well-connected location in the heart of the country, good employment prospects and its rich history as a traditional cathedral city with 200 years of industrial innovation.
David Hofton is sales and marketing director at Elevate Property Group, which specialises in regeneration of former industrial city centre sites across the Midlands. He said: “The demand for these high-quality new homes at The Silk Yard is proof that there is still a strong market for the right type of property in the right place.
“The Silk Yard is in the DE1 postcode in the heart of the city and offers everything young professionals need. We are also seeing a lot of interest from commuters, downsizers, and investors keen to enjoy contemporary living in a thriving, bustling city.
“Derby has seen significant regeneration and growth over the past few years, and it is proving very popular with investors who want to see a good return on their money as well as buyers who want to make their perfect home.
“City centre Derby offers the best of both worlds. There is everything you could need on your doorstep, including the station, shops, restaurants, nightlife and culture, while being just a stone’s throw from the stunning scenery and tranquillity of the Peak District National Park.
“We now have stunning show homes to view so buyers can see for themselves how the Silk Yard and Derby can offer everything they need and want from a dream new home.”
As well as many residential developments, Derby’s wider regeneration project has seen the spectacular revamp of the historic market hall and a huge council-backed scheme to bring homes, offices, student halls and a state-of-the-art performance space to the Becketwell area of the city.
The impressive Derbion shopping complex and Derby train station are just a four-minute walk from The Silk Yard, which stands on a stunning tree-lined boulevard opposite an open green.
The city is home to major employers including Toyota, Rolls Royce and train builder Alstom, a world class university, a first-class cricket team and League One football side Derby County.
David added: “The investment study suggests that as well as a significant price rise, rental growth in Derby is likely to rise by 12 per cent by 2026, so it’s easy to see why with both capital and rental appreciation homebuyers and investors alike are eager to buy now.”
The Silk Yard is in an historic industrial area of the city close to John Lombe’s water-powered silk mill, acknowledged as one of the first factories in the world. Consisting of three apartment blocks around a gated courtyard, the development will comprise of studios and one, two and three-bedroom apartments, with prices starting from £140,000.
The new show homes at the Silk Yard will be launched on Saturday 20th April. For more information and to be one of the first to view, contact selling agents Bagshaws on 01332 361308 or 07702 009472 to arrange a viewing.
