Seven new Dunedin Homes set for Pulley Lane, Droitwich

SEVEN new homes will be built in a Worcestershire town.

The new development will consist of two, three, and four-bedroom homes and will be built on Pulley Lane in Droitwich.

Blackfinch Property - lender to the UK property market -agreed to a £2.3 million development loan to housing developer Dunedin Homes to assist in the land acquisition and the construction of the houses.

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The 22-month deal will see Blackfinch Property exit once all homes have been sold.

The investment is hoped to deliver on Blackfinch Property's Environmental, Social and Governance (ESG) criteria.

Developer, Dunedin Homes, will be fitting each house with vehicle charging points, solar panels and a bio-disc treatment plant.

Each boundary will also be planted to achieve biodiverse ecology, and the dwellings are expected to achieve an Energy Performance Certificate Rating B.

John Hartigan, investment director at Blackfinch Property, said: "This is another excellent development by a very experienced developer who has worked with us on their projects for several years.

"Our in-house legal team worked with our external lawyers and the borrower's solicitors to successfully clarify a complex planning query very quickly."

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"For the purposes of the deal, the developer had exchanged contracts to purchase the property, so all parties and their legal advisers worked very closely to ensure a smooth and on-time completion.

"It was an attractive deal for Blackfinch, well-structured with a £4.6m Gross Development Value."

The news of the seven houses being built comes after Nicol & Co saw a 27 per cent increase in property sales around Droitwich in the last two months.

According to estate agents, 56 property sales were agreed in the Droitwich area during March and April.

The value of properties sold in the last two months totalled just over £19 million, nearly 36 per cent higher than the £14 million achieved in March and April 2022.

Neil Randle, sales and lettings director at Nicol & Co's Droitwich office, said: "This clearly shows there is an ongoing demand for properties, while the asking price achieved a figure of 99.8 per cent indicates that we are delivering the value that sellers want in almost all cases.

"While there are economic uncertainties around at the present time, our experience in and around Droitwich is that bricks and mortar continue to be as sound an investment as ever."

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