The loan will be used to help create 69 new homes at Milford Mills.

Once redeveloped, the site will feature 42 two and three-bedroom houses and 27 one and two-bedroom apartments within a four-storey building.

This will be complemented by 1.5 acres of public open space and 4,500 sq ft of commercial premises in the recently restored Dye House.

With development finance in place, Wavensmere is continuing to work with Borough Council with an aim to commence construction in January.

The developer has already spent over £250,000 on archaeological investigations at the site throughout 2023 and amended its original planning application where required.

This has led to the 4.7 acre development being gas free and fully compliant with new building regulations. The houses will be installed with air source pumps, with the apartments having electric heating and PV panels on the roofs.

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James Dickens, managing director at Wavensmere Homes said: “Milford is one of the most sought-after villages in north Derbyshire, with the area’s historical importance reflected in the UNESCO World Heritage status.”

“We are grateful to Quantum Development Finance for the funding to deliver this important £22m redevelopment project.

“Such is the pent-up demand for housing in Milford, we have already been approached by over 600 local people keen to secure a new home here, with 21 having first refusal of their choice of plot.”

Sam Hudson, head of portfolio management at Quantum Development Finance commented: "We are delighted to continue this partnership on Milford Mills.”

“At Quantum Development Finance, we pride ourselves on building long-standing relationships, especially with one of the leading regeneration specialists in the UK.