Russell Homes invests £8.5m in two North West housing schemes

Housebuilder Russell Homes is launching two residential developments after securing multi-million pound funding from Lloyds Bank.

The Manchester-headquartered company will deliver 135 new homes across a site in Norden, near Rochdale, and another in Holmes Chapel, Cheshire.

Russell Homes will use the £8.5m from Lloyds Bank to fund the groundworks, construction and landscaping work on the two schemes.

At Greenbooth Village in Norden, the firm is creating 42 three-, four- and five-bedroom detached and mews-style homes. Groundworks and infrastructure for the project are now complete and construction is underway.

The first wave of properties have gone on sale, with prices ranging from around £270k to £590k.

Saltersford Gardens in Holmes Chapel, meanwhile, will comprise 93 two-, three-, four- and five-bed detached and semi-detached houses.

Subject to final planning consent, work is due to begin this autumn.

A CGI of the new homes at Greenbooth Village

Russell Homes director Andrew Russell said: “There is a strong demand for quality family homes in good locations.

“We’ve been careful to invest in sites with great potential and both Greenbooth Village and Saltersford Gardens are fantastic locations that I’ve no doubt will be popular with buyers.”

He continued: “Both sites are already garnering huge interest. We had hundreds of enquiries about the Norden development before we even started building. It is an amazing site though, overlooking a reservoir with views over to the Pennine moors.

“This funding will support the construction of the properties here and, subject to final planning approval, at Saltersford Gardens in Cheshire. We are also looking for more sites that are well located for families and can help to meet a local demand for new homes.”

Elsewhere, Russell Homes has confirmed plans to develop other North West sites and is currently negotiating with landowners regarding further regional opportunities.

Ryan Sorby, relationship director for mid markets with Lloyds Bank Commercial Banking, commented: “Russell Homes has a strong pipeline that will see the development of more than 300 new homes in the next year.

“We’re pleased to provide funding to support construction of 135 of those properties at Norden and Holmes Chapel which, between them, will eventually have a potential gross development value of approximately £39m.”

He added: “We are committed to backing ambitious and experienced businesses like this and we are looking forward to providing ongoing specialist support as it identifies further opportunities in the housing market.”

Russell Homes is the sister company of Russells Construction, a £65m-turnover building firm with commercial projects across the North West and beyond, including the 302-bed Motel One on Cross Street in Manchester and the £10m, 82,000 sq ft facility for mining firm Joy Global in Bolton.

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