Prince Bishops Homes is a wholly owned subsidiary of Derwentside Homes and has a dedicated team focused on delivering the development of all new properties for Derwentside Group.
Based in Stanley, County Durham, Prince Bishops Homes has gone from strength to strength and has established an ambitious development programme of over 1,000 homes, to be built across the North East over the next three years.
Accounts for the previous financial year were presented at the most recent board meeting in September, highlighting excellent growth and a large increase in profit.
It was confirmed that the asset value of stock managed by Prince Bishops Homes, had increased in value by an impressive £1.9m. In addition, interest payments on an inter-company loan to Prince Bishops Homes combined to generate a further revenue stream of around £640,000 for Derwentside Homes.
The first half of the current financial year has also been extremely positive. Prince Bishops Homes is confident that growth will continue and is forecasting further increases in profits and in the generated income streams to Derwentside Homes. All of this is re-invested in the development of further, much needed housing for first time buyers, older people and those with mobility problems, living in the North East.
Nor are the benefits of this development programme limited to the provision of new homes. Prince Bishops Homes is having a much wider, positive impact on the local economy through the creation and safeguarding of construction industry jobs, including the provision of up to 28 new apprenticeships among its contracting business partners. Allied trades and industries also see the benefit, as it is company policy to try and source goods and materials locally.
On the 2nd of September this year (2016), Prince Bishops Homes announced to the board that it had submitted a bid for over £30m of Homes and Communities Agency grant funding, to support its three year development programme. Should this bid be successful, these funds will be used to deliver affordable rent – and some social rent homes - for elderly and vulnerable people living in the region.
Whilst the Prince Bishops Homes team will not know if the bid has been successful until January, early indicators seem positive and negotiations are well underway.