Primesite Developments originated as a family run management team, and have developed property since 2001. Originally residential developers, the team built over 300 residential homes ranging from one bedroom city centre apartments to five bedroom detached executive homes. Since 2008 however, the team have diversified into various sectors including commercial office space, student accommodation and dementia care facilities, taking their portfolio tally to just over 800 units.
Years 2008 through to 2015 saw a very distinct switch from bank funding to low-level private investment through cash and pension routes. The team have since successfully raised entire project requirements through this method under ring-fenced SPV style companies.
2015 saw the first successful sale of a Primesite development project to a corporate fund, and marked the re-entry of the company into predominantly institutional funding along with private equity and corporate forward funding arrangements.
Now with 11 major developments currently under construction or awaiting planning permission, and a further 10 sites secured for future development, Primesite are rapidly expanding. This has seen a formalised company structure installed and a departure away from the family-run ethos. Primesite now has significant corporate ambition and a structure to compliment this is now in place.
In June 2015, Primesite Developments Inc. was formed in Henderson Nevada and subsequently acquired 100% ownership of Primesite Developments Limited and its subsidiaries on September 14, 2015.
Primesite Developments has a projected turnover for 2017 of £59m.