Laragh names Houghton Homes as new investment partner
Laragh Homes will drive forward its major development programme in the residential property sector with a significant investment from Houghton Homes.
This follows the sale by Rheebridge Ltd of its holdings in Laragh after many years of growth and successful investments in the company and specific projects.
As part of Laragh’s continued investment in the region, new schemes will start this summer including The Old Tannery in Ely, creating 25 luxury apartments; Emerson Park in Great Abington, a bespoke development of 13 family homes; and The Mews in Cambridge, incorporating nine apartments and 18 houses.
Award-winning Laragh is continuing to grow the development of 78 homes at Manor Farm in Stretham and there are further projects in the pipeline, with planning applications in Wilburton, Thriplow and Stretham.
Simon Somerville-Large, Laragh’s managing director, said: “I am delighted to have Andy Houghton joining the company and his investment is a huge boost for me and the team at Laragh. We have worked together successfully over many years and I am immensely excited by what we can now achieve for the future.”
Houghton Homes’ founder, Andy Houghton, will join the Laragh board, bringing a wealth of experience and expertise
He said: “I have been involved with Simon Somerville-Large and Laragh Homes as an investor on many projects. This new collaboration strengthens a trusted relationship that has been built up over the last 10 years. It is an excellent opportunity to become more involved with the company and develop the business further – we are all looking forward to taking Laragh onto its next successful stage of expansion.”
David Rapley, the property pioneer behind Cambridge-based Rheebridge, is looking for newproperty investment opportunities following the sale of its shareholding in Laragh.
“The time is right for Laragh to take the next step toward its undoubtedly bright future,” he said. “I am immensely proud of Laragh’s achievements and am confident that Houghton Homes is absolutely the right partner to help them move forward, while I am personally very excited at the prospect of finding new property investment opportunities for Rheebridge.”
Founded in 2008, Rheebridge invests directly in property companies and joint ventures on individual sites and carries out its own developments. It is currently in the early stages of planning for another central Cambridge project it has purchased, details of which will be available later this year.
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