Wavensmere Homes has secured a £15m loan from Quantum Development Finance to enable the £22m redevelopment of Milford Mills in north Derbyshire.
The development will see 69 new homes delivered on the historic brownfield site overlooking the River Derwent, which is within the Derwent Valley Mills UNESCO World Heritage Site.
The redevelopment of the former commercial premises will feature 42 two- and three-bedroom houses and 27 one- and two-bedroom apartments, within a four-storey building.
James Dickens, managing director of Wavensmere Homes, said: “Milford is one of the most sought-after villages in north Derbyshire, with the area’s historical importance reflected in the UNESCO World Heritage status. We are grateful to Quantum Development Finance for the funding to deliver this important £22m redevelopment project. Such is the pent-up demand for housing in Milford, we have already been approached by over 600 local people keen to secure a new home here, with 21 having first refusal of their choice of plot.
“Milford Mills will have a clear focus on sustainability and renewable energy, while delivering natural stone facades that reflects the traditional architecture of this village and the nearby market town of Belper. We look forward to being able to start construction for the 69 riverside houses and apartments in the coming months.”
Sam Hudson, head of portfolio management at Quantum Development Finance, added: “Following the success of our initial loan at Nightingale Quarter we are delighted to continue this partnership on Milford Mills. At Quantum Development Finance we pride ourselves on building long-standing relationships, especially with one of the leading regeneration specialists in the UK.
“The former 18th century cotton mill housed some of the world’s first mechanised industrial spinning factories. This highly unique project will incorporate retention of historic features, including the Mill Lade that now feeds a hydroelectric power plant downstream, along with the repair of all original stone boundary walls. We look forward to witnessing the transformation of this brownfield site into attainable family homes, and it is testament to Wavensmere Homes that both sites also have strong sustainability credentials.”
