Develop North PLC (Develop North), the investment fund providing loans to property developers in Scotland and the North of England, is supporting the creation of a bespoke housing development in Aberdeenshire.
Developed by Churchill Homes Ltd, it will feature luxury homes, having received a £1.65m funding package from Develop North, which is managed by Tier One Capital Ltd (Tier One), the Newcastle-upon-Tyne-based wealth management and fund management specialists.
Develop North, a London Stock Exchange-listed fund, will provide the investment to assist Churchill Homes Ltd to develop the Caim Collection scheme on the site in South Ythsie, which is 17 miles north of Aberdeen.
The architect-designed homes comprise a mix of bungalows and one-and-a-half storey detached units, with an average value of £500,000 designed by Aimee Pirie Chartered Architect. Two units have already been reserved off-plan, highlighting the strong demand for this exclusive housing development.
Churchill Homes Ltd, with more than three decades of experience, has a trusted reputation in the North East of Scotland. It specialises in selecting prime locations for development, ensuring each property is uniquely designed to complement the surrounding area. Gordon Pirie, the principal developer who is also a structural engineer, has almost 30 years of experience in property development across the Aberdeen region.
Legal advice to Develop North was provided by Newcastle-upon-Tyne-based Ward Hadaway and Glasgow-based Thorntons. Project monitoring will be undertaken on behalf of Develop North by DM Hall.
Since it was founded in 2017, Develop North has successfully provided funding to support the construction of 33 residential and commercial projects across the North East of England and Scotland. These projects have a combined value of £70.3 million and an estimated GDV of £184 million, contributing significantly to the growth and prosperity of the regions it supports.
Coinciding with this latest project, Develop North has completed two successful exits from schemes it has supported with funding in Scotland and North East England.
Alongside funding the purchase of a commercial site in Newlands, Glasgow, which was taken to the point of achieving planning for a residential development by the scheme’s management enabling it to be sold to a developer, Develop North has also recently exited from a residential development in Morpeth, North East England, following the completion and sale of four executive homes.
Brendan O’Grady, Fund Manager at Tier One, said: “Churchill Homes has built a reputation for the development of extremely high-quality homes, which create communities in the stunning setting of Aberdeenshire. We are looking forward to supporting Gordon and his team with the development of the Caim Collection.
“This project, and our exits from two recently completed schemes, are part of our commitment to providing a viable and bespoke alternative lending platform for developers, which supports the creation of new homes and commercial premises that encourage economic growth and prosperity in Scotland and the North of England.”
Gordon Pirie from Churchill Homes, said: “We are pleased to have secured this funding from Develop North, which will contribute to transforming our vision at South Ythsie into a tranquil and welcoming new hamlet community in the beautiful Aberdeenshire countryside.”
Imogen Holland, corporate partner at Ward Hadaway who led on the transaction, added: “We are delighted to work with the team at Tier One and Develop North, as they continue to invest in the construction of luxury property developments across the North East and Scotland. The Churchill Homes’ scheme promises to be a great success and is a strong addition to the portfolio of high-end residential properties within the fund.”