The first project by Yorkshire Country Properties with Dominvs Group backing is £9.5m development of 31 stone houses off Abbey Road in the village of Shepley in Kirklees. Site work starts in November.
Yorkshire Country Properties mostly restricts itself to the Holme Valley area but this initial joint venture is seen as a first step towards a broader strategic relationship between the two developers, with the aim of building up a significant regional housebuilding business.
In Shepley, Dominvs Group investment will provide for land purchase and other costs, alongside Homes England funding support on construction costs. Land purchase and construction costs will have a combined value approaching £7m.
Dominvs Group will have the option to join in later phases (2 and 3) of the development as an extension to this joint venture.
The investment and partnership in Yorkshire is part of the London firm’s strategy to diversify into the residential market over the next five years which includes seeking real estate opportunities beyond its London heartland and looking at private residential, student, retirement, build-to-rent and joint venture opportunities around the UK.
Yorkshire Country Properties managing director Stewart Brown said: “Our new partnership with London headquartered investor-developer Dominvs Group will provide our company with powerful financial backing and the opportunity to accelerate our business plan and become a leading regional housebuilder.”
He added [with tongue in cheek?]: “Dominvs Group’s experience of the highly competitive London market will provide us with very useful insights on the latest trends in specification and interior design.”