Elevate to revitalise historic Derby Silk Yard with Paragon funding

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  • Finance: £11.9 million
  • Location: The Silk Yard, Derby
  • Units: 258 units
  • Paragon Deal team: Toby Burgess, Paragon Bank Development Finance Relationship Manager and Joshua Mann, Portfolio Manager

Derby’s silk industry dates back to the 18th century, when the first silk mills were built in the city. The city’s River Derwent was seen as powerful enough to drive the mills’ waterwheels, creating the popular material of the time.  

Elevate Property Group’s new scheme pays homage to Derby’s silk-making heritage. The Silk Yard is a 258-unit scheme that will be developed over three phases. Paragon Bank’s Development Finance team is supporting the scheme through a £11.9 million funding package.

The Silk Yard is a three-phase scheme is ideally positioned between the city centre and the railway station and is expected to be completed within two years.

It will usher in new life at this landmark historic site, a site that has been home to manufacturing for the over 300 years. The development is located on the corner of John Street and Castleward Boulevard, the building consists of a selection of studio, one, two and three-bed apartments and is already proving popular with over 35% reserved.

Silk Yard is minutes away from the newly renovated Silk Mill, formerly known as Derby Industrial Museum, which was completed in 2021.

The £50m Silk Yard development, which has been designed by architects Corstorphine & Wright and is being built by Bode Contracting, is Elevate’s first scheme in Derby

The Silk Yard deal was led on behalf of Paragon by Relationship Director Toby Burgess, with support from Portfolio Manager Joshua Mann, over the years Elevate and Paragon have built a strong and partnership.

“The Silk Yard is in the prime DE1 area of the city and offers a collection of high quality, contemporary apartments. All are spacious, light-filled homes, built for a new generation of living and are ideal for young professionals, commuters, downsizers, and investors.

“It has been a pleasure to work with Toby Burgess, Joshua Mann and the Paragon Development Finance team on these fantastic properties. Paragon shared our vision for the development, took the time and care to understand our requirements, and delivered an ideal financing facility that will bring ideal properties to Derby city centre.”

Steve Dodd, Chief Executive of Elevate Property Group

“The Silk Yard is an innovative development that ideally reflects our passion for supporting bespoke developments in ideal locations – and I’m delighted to have worked closely with Elevate to make this development a reality.

“As part of the FTSE250 Paragon Banking Group, Paragon Development Finance is ready to support developers throughout the UK in responding to the growing demand for high-quality homes that meet today’s needs. I look forward to following The Silk Yard’s success and seeing the benefit our partnership with Elevate will bring to Derby.”

 Toby Burgess, Paragon Bank Development Finance Relationship Manager

Find out more about how we can support your business on our Development Finance page. To see more of what the Development Finance team get up to, make sure you’re following their LinkedIn page here.  

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551