The Banks Group homes in on residential property…

The Banks Group homes in on residential property market with new company launch

County Durham property and renewable energy firm The Banks Group is set to create a raft of new jobs after launching a new regional housebuilding company.

Banks Homes will focus on sites of all sizes across the North East and Yorkshire, and will be managed from the family firm’s Durham headquarters and Harewood office near Leeds. Russ Hall, managing director at Banks Property, has outlined how the firm will be an independent operation and that it will look to acquire sites from other developers while also seeking out its own market opportunities. Meanwhile, Banks Property will continue to work independently with UK housebuilders, as it has done over the last 35 years.

Banks Homes has already acquired its first two development sites, which will mark the formal launch of the company, and it expects to have its first properties ready in the first half of next year. A number of new jobs are being created within the new business, with Banks Homes looking to make substantial investments in the regional economy by working with a series of contractors on the construction of each new residential development.

Mr Hall said: “The Banks Group’s success has long been built on identifying opportunities to diversify into new areas where we can use our skills and knowledge to secure commercial and community benefits.With our extensive experience in the property development sector, it’s a logical step for us to start to build new, high-quality and sustainable homes ourselves by establishing our own housebuilding business, which will contribute directly to meeting the pressing need to improve and increase the housing supply across the North East and Yorkshire.

“The new business will work independently, but alongside, the existing operations of Banks Property, which will continue to identify, promote and sell land for the development of new homes by many of the UK’s best-known housebuilders, as it has for more than 35 years.”

The Banks Group has 47 years of experience of developing land in the North of England and Scotland, working alongside some of the best-known names in the housebuilding sector and securing planning permission for over 10,000 homes. Its developments include Mount Oswald in Durham City and the Bowesfield development in Stockton, which has a nature reserve alongside residential and commercial elements, as well as property schemes in Harrogate, Sheffield and Leeds.

Mr Hall added: “Banks Homes has already acquired its first two sites and we are quickly building a strong pipeline of future project locations across the North East and Yorkshire. The company will take the ‘development with care’ approach that characterises the wider group’s way of working, building positive relationships with key local groups and communities, living up to the promises that we make and to deliver tangible benefits to the places in which we work.

“Banks Homes is an exciting landmark in the Banks Group’s continuing evolution and we’re looking forward to working with local authorities, property professionals and communities across the north of England as our new housebuilding business become fully operational.”