Prosperity Developments moves into residential homes market

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A Midlands-based residential property developer that specialises in building and selling buy-to-let apartments to a global investor audience has expanded into the residential homes market.

Prosperity Group, which is headquartered in Birmingham’s Jewellery Quarter, has launched Prosperity Homes that will focus on developing affordable and desirable homes for owner-occupiers.

It has launched its first housing development this month, introducing a 300-home development that will be built on a 30-acre site in Downham Market, West Norfolk, after acquiring the land for an undisclosed sum from Koto Limited.

The Borough Council of King’s Lynn and West Norfolk has granted outline planning for 300 homes, comprising a mix of one-bed maisonettes, and two-, three- and four-bedroom family homes, 60 of which will be affordable homes. A reserved matters application has now been submitted.

Joe Billingham, CEO of The Prosperity Group, said: “Our group ethos is centred on a commitment to providing high-quality properties and we’ve developed a solid reputation for bringing profitable pre-built and off-plan property investments to market.

“Now we’re pleased to be able to offer this to both the investor and owner-occupier markets through Prosperity Homes. This is a welcome addition to the developments team, which has built and delivered more than 3000 homes across the UK since 2007 and to our sales arm, Prosperity Wealth, which comprises industry experts who build wealth for clients via secure high yielding buy-to-let property.

“The launch of Prosperity Homes is an exciting new chapter for our business and will enable us to build and deliver attractive homes for modern day living. We are committed to developing on high-quality sites that are located in areas with good amenities, schooling, transport links, recreation and leisure venues.”

Founded in Birmingham in 2007, the Prosperity group of companies has a portfolio of 39 new-build and conversion projects with a gross development value (GDV) of more than £420 million.