Denbury Homes, based in Westley, Bury St Edmunds, set to increase its rate of building homes by 350% cent following a £55 million funding package from HSBC UK

A developer is set to increase its rate of building new homes by 350 per cent following a £55 million funding package.

Denbury Homes, based in Westley, Bury St Edmunds, will use funding from HSBC UK to purchase land in and around Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire and Bedfordshire which it will use to build premium, traditionally built homes from two to five bedrooms, including bungalows.

The company is currently building 100 homes per year and expects the deal will allow them to scale to become a medium housebuilder, building up to 450 homes a year, by 2029.

Current developments include Thurston, Laxfield, Elmsett, Debenham and Witnesham in Suffolk, and Mattishall in Norfolk. Denbury Homes is launching further developments in Little Easton and Layer de la Haye in Essex, and Eyke and Clare in Suffolk, within the next year.

The company say it will also ‘bring forward’ its flagship plans for Bury St Edmunds’ northern neighbourhood and relief road at Abbots Vale, on land south of Rougham Hill. The neighbourhood, known as St Edmunds Gate, is named for its position at a key entrance to the town.

To deliver current and new developments, Denbury Homes has so far recruited 24 new staff across all disciplines, taking the total head count to 54.

James Hopkins, managing director for Denbury Homes, said: “As a local developer, we’re committed to designing and building exceptional homes that reflect the aesthetic of our region and enhance the communities they are a part of.

“It’s well publicised that the UK needs more homes, and our region is no different. Demand is high but buyers, and those living in existing towns and villages, want and deserve homes built with care and attention to detail.

“Our developments are carefully planned to meet these local needs and ensure they grow into thriving, self-sustaining communities.

“We’re delighted that, with HSBC UK’s support, we can continue to deliver the right sort of homes in the right places and to pursue our ambition of becoming a medium- sized, regional housebuilder.”

Sam Simpson, real estate finance manager at HSBC UK, added: “The latest housebuilding figures show that we need to build more homes in order to hit the annual targets being set.

“Denbury Homes is a well-established housebuilder in East Anglia, and we’re delighted to be supporting the company with increasing the number of homes to meet demand in the region.”