Milford Mills: Start date for work on 69 new homes within UNESCO World Heritage Site

Work can now go-ahead on creating 69 new homes at Milford Mills, following a financial deal worth £15 million to builder Wavensmere Homes. Quantum Development Finance has agreed to provide Wavensmere Homes with a £15 million loan to enable the £22m redevelopment of Milford Mills, which is located between Belper and Duffield.

The historic brownfield site, which is within the Derwent Valley Mills UNESCO World Heritage Site, accessed off the A6 in the centre of Milford village, will feature 42 two- and three-bedroom houses and 27 one- and two-bedroom apartments, within a four-storey building overlooking the river and mill race.

Wavensmere’s team is now continuing to work alongside officers from Amber Valley Borough Council to enable construction to start in January. This marks the second time Quantum Development Finance and Wavensmere Homes have teamed up to deliver brownfield regeneration within Derbyshire.

Earlier this year, the London-based specialist property lender provided a £15m loan for the construction of the final phase of the £175m Nightingale Quarter scheme in Derby city centre. The ‘E6’ block incorporates 79 one-bedroom and 24 two-bedroom apartments, with a raft of green energy features.

Sam Hudson, head of portfolio management at Quantum Development Finance, said: "The former 18th century cotton mill housed some of the world’s first mechanised industrial spinning factories. This highly unique project will incorporate retention of historic features, including the mill race that now feeds a hydroelectric power plant downstream, along with the repair of all original stone boundary walls. "

Wavensmere Homes spent more than £250,000 on archaeological investigations on site at Milford Mills throughout 2023, while amendments to the original planning application were being reviewed. The revised planning permission enables the 4.7-acre development to be gas-free and fully compliant with new building regulations. The houses will be installed with air-source heat pumps, while the apartments will have electric heating, with solar PV panels fitted to the roof of the building to generate renewable energy.

The site will be further complemented by 1.5-acres of public open space and the recent restoration of the Grade II listed Dye House by Chevin Homes to form a 4,500 sq ft commercial premises. James Dickens, managing director of Wavensmere Homes, said: "Milford is one of the most sought-after villages in north Derbyshire, with the area’s historical importance reflected in the UNESCO World Heritage status.

"We are grateful to Quantum Development Finance for the funding to deliver this important £22m redevelopment project. Such is the pent-up demand for housing in Milford, we have already been approached by over 600 local people keen to secure a new home here, with 21 having first refusal of their choice of plot."

The UNESCO world heritage site was inscribed in 2001 in recognition of the importance of the Derwent Valley’s water-powered industries to the Industrial Revolution and the universal significance of the River Derwent textile mills. The UNESCO zone runs from Derby in the south to Matlock in the north. Milford Mills straddles the centralising spine of the River Derwent, critical to the area’s growth and current character, as it bends northwards to the main vehicular route of Derby Road.

The Birmingham-headquartered housebuilder recently commenced work on site to redevelop Friar Gate Goods Yard in Derby city centre. The nationally significant £75m mixed-use project will reanimate two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, alongside 276 new build homes.

To register your interest in the new homes to be released for sale at Milford Mills, email info@wavensmere.co.uk