Housebuilding firm Russell Homes is set to invest £8.5 million in two North West residential schemes after it secured multi-million pound funding from Lloyds Bank.
The company, whose headquarters are based in Manchester, will deliver the 135 new homes at the Norden site close to Rochdale and the Holmes Chapel site in Cheshire.
The £8.5 million investment from Lloyds Bank will be used by Russell Homes to fund the landscaping, construction and groundworks that will be carried out on the two schemes.
The company will create 42 three, four and five bedroom detached and mews-style homes in Norden’s Greenbooth Village, where the project’s infrastructure and groundworks are finished and construction has already started.
The first batch of properties have now gone on sale, with the most expensive properties costing almost £600,000, while the cheapest were around £270,000.
Meanwhile, Saltersford Gardens in Holmes Chapel will be made up of 93 two, three, four and five bedroom detached and semi-detached properties, where work will commence in autumn subject to gaining final planning consent.
Andrew Russell, Director of Russell Homes, said that the demand for quality family housing in good locations remains strong.
Russell said: “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.
“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.”
Meanwhile, Russell Homes has also confirmed it intends to develop other sites in the North West and is currently in negotiations with landowners regarding future opportunities in the regional.
Relationship director for mid markets with Lloyds Bank Commercial Banking, Ryan Sorby, said that Russell Homes has several more developments lined up that will see over 300 new homes developed over the course of the next year.