Black Pearl Capital Resumes Watermills Development with Wain Homes
Deal News | Jan 29, 2025 | Black Pearl Capital Ltd
Construction work on the Watermills housing development in Blackburn is set to resume following a partnership between Wain Homes and Black Pearl Capital, the landowner. The project had been stalled due to the former contractor, Torpoint (Civils) Ltd, going into administration. With Wain Homes taking over, the development will advance, featuring 450 homes on the former Sappi Paper Mill site. The project was initially approved in 2015 with plans for up to 500 homes and commercial premises. A detailed planning application for the next phase, including a vital spine road, is being submitted by Wain Homes, with construction expected to restart later this year. Blackburn with Darwen Council has expressed optimism about resuming the project, highlighting the critical nature of housing and infrastructure improvements for the area.
Sectors
- Real Estate Development
- Investment Management
- Construction
Geography
- United Kingdom – The project is located in Blackburn, UK, indicating the regional focus of the development and associated discussions.
Industry
- Real Estate Development – The article discusses the resumption of a large-scale housing development project in Blackburn, related to real estate development.
- Investment Management – Black Pearl Capital, a private equity firm, is involved in the project as the landowner and decision-maker in coordinating the ongoing construction development.
- Construction – The article deals with the construction of housing, including infrastructure development, involving housebuilder Wain Homes.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Black Pearl Capital Ltd. | Landowner/Private Equity Firm | Company | Black Pearl Capital is a private equity firm that owns the land for the Watermills housing development. |
| Wain Homes | Housebuilder | Company | An independent housebuilder tasked with taking over and completing the construction of the Watermills development. |
| Torpoint (Civils) Ltd. | Previous Contractor | Company | The former contractor for the project, which went into administration in January 2023. |
| Cllr Paul Marrow | Tory Planning and Growth Spokesman | Government | Local official from Blackburn with Darwen Council expressing support for the project's resumption. |
| Abbas Jafarian | Chief Operating Officer | Person | COO of Black Pearl Capital involved in the project negotiations and planning. |
| Richard Chamberlain | Managing Director | Person | Managing Director of Wain Homes North West, overseeing the submission of the new planning application. |