New fund­ing for prop­erty firm to boost house-build­ing

Birmingham Post - - COMMERCIAL PROPERTY -

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

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