First phase at £50m Silk Yard scheme 35% sold as Derby defies national property picture

The first phase of a £50m new development in the heart of Derby is well underway, with 35% of the initial 94 apartments released already reserved at Elevate Property Group’s latest scheme in the East Midlands.

First time buyers, young professionals, couples, investors, and downsizers are descending on The Silk Yard, with its imposing steel framework now complete on the corner of John Street and Castleward Boulevard in the prime DE1 area of the city centre.

The Birmingham-based independent developer is already reporting record interest in the 258-strong mix of studio, one, two and three-bed apartments and is expecting this to increase with potential buyers keen to tap into its proximity to rail and leisure facilities and an influx of investment flowing into the city.

Working with sales agents Bagshaws Residential, Elevate has delivered a sustainable Sales Suite in the form of a regenerated shipping container and this will be used to hold its first open day on Saturday August 5th.

The dedicated space paints a picture of what the site will eventually look like and includes a scale model of the scheme, CGIs of the overall development and a first look at the high-quality specification purchasers can benefit from.

David Hofton, Sales & Marketing Director at Elevate Property Group, commented: “The Silk Yard is one of Derby’s most iconic urban regeneration projects and fits perfectly with our ethos of bringing city centres back to life with a historical nod to the past.

“The steel framework for the first block is clearly visible and marks an important visual milestone in the development.

“There is little doubt it will accelerate interest in the ‘DE1’ scheme even further and we will build on this excitement by staging a special Open Day that will tell the full story behind the development and what local people and investors can expect to see.

“Our sales suite and has been kitted out with models, pictures, videos, and examples of finishes. It is being managed by Bagshaws Residential, who are so passionate about Derby – there’s not many agents who know more about living and working here.”

He went on to add: “We are defying the national property picture with The Silk Yard, reporting significant early sales. 35% sold off plan for the first phase is some achievement and clearly underlines the attractiveness of the Silk Yard and the growing interest in living in this great city.”

The Silk Yard, which has been designed by architects Corstorphine & Wright, is the first time Elevate Property Group has developed in Derby and continues the firm’s desire to bring historic city centre sites back to life through high quality residential developments.

Leicestershire’s Bode Contracting is the main contractor and has started work on the two-year project that will build 258 homes across three main apartment blocks and a gated courtyard.

The site is ideally located between the city centre and the railway station, contributing a valuable new source of quality housing in central Derby for first-time buyers, downsizers, investors, and professionals commuting by rail.

Bagshaws Residential’s Kerri Bywater, who is working on the development with colleague Louise Hutchinson, added her support: “We’re really looking forward to the The Silk Yard Open Day, a fantastic development located within easy access to road and transport links, large employers and a wealth of restaurants, shops, and other facilities.

“In the last month, we have seen a swathe of investment in the area, including Rolls-Royce’s 1200 jobs boost at Raynesway, a £45.8m performance venue in the heart of the city and University of Derby’s new business school that will house 6000 students by 2030.

“All of this means, the scheme is being very well received by local buyers, as well as investors from out of town. The message is simple, if you want to be part of The Silk Yard, don’t wait…act now.”

Outside of the Open Day, The Silk Yard sales suite is appointment only during the early stages of construction, with further special events planned as the development progresses.

Studio apartments start from £140,000, one-beds from £175,000, two-beds from £225,000 and three-beds from £260,000.

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

To arrange an appointment at the new Silk Yard sales suite please call 01332 361308/ 07702 009472 or email thesilkyard@bagshawsresidential.co.uk.