First apartment block complete at landmark development proving popular with local buyers

The announcement has been made alongside confirmation that 65 percent of Mulberry House, phase one of the build at The Silk Yard, has now been sold.

Birmingham based Elevate Property Group has invested £50m in The Silk Yard, a new development project at the heart of Derby DE1. The first building in the three-phase scheme, named Mulberry House, is home to 94 apartments and has now reached completion.

David Hofton, sales and marketing director at Elevate Property Group, said: “The scheme has got off to a tremendous start and is proving popular with a range of local buyers including downsizers, those looking for a ‘lock up and leave’ property, and investors attracted by huge rental demand in the city.

"First time buyers are also clamouring to secure a home here with prices starting from an affordable £140,000.”

Downsizers and a growing sector of buyers searching for ‘lock and leave’ UK homes, are finding the security of these modern and maintenance free properties an ideal Derby base while spending time at second homes or travelling.

There is the option of gated parking with allocated spaces, the availability of electric vehicle charging points, whilst ground floor apartments have their own entrances.

To help ‘First Time Buyers’ buy their first home the developer has just announced the introduction of a ‘5 percent gifted deposit’ scheme which has been launched in celebration of the completion of the Silk Yard’s first phase of build.

According to the builder, it could be the key to home ownership for some first-time buyers who could potentially secure their first home with just a £7,000 deposit.

David Hofton added: “The Autumn launch of our outstanding ‘gifted deposit’ initiative means that first time buyers have the potential to get on to the property ladder much earlier than they may have thought.”

He explained: “With mortgage rates on the downward trend, helped by last week’s further Bank of England interest rate reduction, making it easier for buyers to purchase, our gifted deposit for first time buyers will further help them generate the upfront funds needed to get onto the property ladder.

“Some lenders are offering 90 percent mortgages on apartment purchases meaning that you only have to find a 10 percent deposit. As we will pay up to 5 percent of that through our gifted deposit contribution scheme, depending upon the property chosen, you could secure your first home with as little as a £7,000 nest egg”.

The award-winning developer says that there is a good balance of sales and interest between owner occupiers and investors.

Huge rental demand in Derby city centre and projected growth have also spurred investors to purchase apartments in this regenerated part of the city.

Tye Alton, branch lettings manager at Bagshaws Residential, said: "The Silk Yard has received an incredible amount of interest on the rental market with plots set to achieve higher rents than originally expected as interest soared from a range of working professionals.

"The rental market, as a whole, is busier than ever with the majority of properties being let within 2-3 days of marketing." Other sources also confirm that this emerging market continues to perform well.

David said: “Savills and JLL have both reported encouraging forecasts for buyers in the area. According to Savills’ 5-year residential forecast, the East Midlands is set to outperform national house price growth.

“Derby was ranked the highest in the UK for annual rental increases between 2020 and 2021.”

Created on a landmark site, this area of Derby was once home to the city’s manufacturing heart. DE1 is now rapidly reinventing itself as a thriving professional quarter.’

The development, which will eventually provide 258 homes, offers a mix of studio, one, two and three-bedroom apartments, all designed around a gated courtyard. It stands opposite an open green on a tree-lined boulevard that links the Derbion with the railway station.

With phase one now complete, and show homes available to view, eager home buyers can now fully appreciate just what this stunning site has to offer.

The stylish interiors of the apartments reflect modern aesthetics. Described as “best in class” the specification includes stunning kitchens with all appliances integrated, stylish bathrooms, and all floor coverings included.

Current prices start at studios from £140,000, one beds from £175,000, two-beds from £225,000 and three-beds from £265,000. Three-bedroom apartments in the current phase have sold out.

The first residents are due to move into their new homes in readiness for Christmas.

Show Homes at the Silk Yard are open Thursday – Saturday. To arrange an appointment, please call selling agents Bagshaws on 01332 361308/ 07702 009472 or email [email protected]