New funding for property firm to boost house-building
A BIRMINGHAM property group has secured a new round of funding to help it support residential developments.
City centre-based Richborough Estates, which provides housebuilders with access to shovel-ready sites for construction, will use the funding to increase its portfolio of land and serve the rising demand for homes across the UK.
In 2017, the firm delivered 1,000 new plots to housebuilders which it said helped to create 1,200 jobs and this new round of capital will expand its existing portfolio of 80 sites and help it add new faces to the payroll.
Richborough Estates was founded in 2003 and its projects focus on the promotion of greenfield and brownfield sites capable of holding 150 to 300 dwellings.
The new funding, whose value is undisclosed, was secured from Finance Birmingham and Frontier Development Capital.
Paul Campbell, managing director at Richborough Estates, said: “As the UK’s housing demand continues to rise and remains a key focus for central government, more developers are calling for shovel-ready sites that are primed for construction to begin.
“This funding will ensure we can continue this upward trajectory, with plans in motion to increase the size of our team to help meet our ambitious target of bringing 2,000 new plots to the market next year.
“Our approach to every development is to ensure they form a cohesive extension to an existing community, enhancing and supporting vital existing services such as local schools, post offices and shops, while ensuring the UK is able to meet its homes.”
Gerald Gannaway, investment director at Frontier Development Capital, said: “Lack of access to developable land that does not require navigation of the planning system is often highlighted as a key barrier to development for house- growing demand for new builders, with many being hamstrung by capacity and budgetary issues. Through the combined investment of Finance Birmingham and Frontier Development Capital, we hope Richborough Estates can continue to have a real impact on increasing the rate of homes available for residents across the country.”
> Paul Campbell and Karl Parkinson-Witte (left and right), joint managing directors of Richborough Estates with Gerald Gannaway, investment director at Finance Birmingham