Levelling Up Home Building Fund: Sky-House Co
A development loan from Homes England helped newly-established housebuilder Sky-House Co to grow its business
Sky-House development
In 2017, Sky-House was a newly established, Yorkshire-based developer with a vision to create high-quality, urban ‘back-to-back’ housing for the 21st century, complete with balconies, rooftop garden spaces and shared pocket parks. Specifically, it had plans for a new, 44-home community, Waverley, located on a brownfield site, a former colliery, near Sheffield.
As a new developer the company struggled to secure the finance from the private sector that it needed to bring forward this concept. But Homes England was attracted to the strong place-making ethos of the scheme, its aim to reduce carbon output, and the targeted ownership group of first-time buyers and lower income families and provided £3.2m in development finance.
The completed scheme was an undeniable success. Sales demand exceeded expectations, and it was well received by the design and development community, with several award nominations.
Importantly, Homes England was able to help Sky-House to utilise the equity and profit released from Waverley to fund the land acquisition of Oughtibridge Mill. Alongside this, it provided £3.7m of additional development funding.
The scheme, comprising 40 eco-friendly homes with riverside balconies, private roof gardens and woodland views, is adjacent to a new development by David Wilson homes. The development has already secured two award wins.
David Cross, Managing Director of Sky House, said:
It is no understatement to say that without Homes England’s support we wouldn’t have been able to start even our first development.
From Waverley Phase 1 to Oughtibridge Mill, we will complete 84 homes alongside commercial space, and we now have close to 400 homes and commercial space on the drawing board and a secure pipeline of funding and sites for the next 3-5 years.
By accessing Homes England’s support, we have shifted from developer to housebuilder and now, more importantly, to place maker with close to 40 full and part time staff across the business alongside a growing cabinet of awards. All the team at Homes England have been amazing and we cannot thank them enough- all we can do is keep delivering great homes.
You can find out more about the Levelling Up Home Building Fund, and whether it can help you, on the Fund’s guidance page, or you can enquire today and speak to the team. You can get in touch by:
- Calling 0300 1234 500
- Emailing fundingenquiries@homesengland.gov.uk
- Fill out our online form