£95k expansion for Grimsby-based Galaxy of Homes

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Grimsby-headquartered property development and investment company, Galaxy of Homes, has expanded thanks to a £95,000 Commercial Mortgage from HSBC UK.

Galaxy of Homes invests in properties in the North East, refurbishing derelict and unwanted homes, creating investment opportunities for landlords and improving the availability of well-maintained, modern accommodation.

Run by Directors Vikash and Madhurita, the firm includes a refurbishment division, Galaxy Makeovers, and a property management division, Galaxy Letts.

The investment will be used to create a new head office to provide more space for each division as well as room to grow as the business increases its lettings management portfolio.

As part of this investment, Galaxy of Homes aims to recruit a further 15 staff over the next year.

The business turns to areas which have experienced depressed property values and social deprivation and has already spent £33.6 million refurbishing 420 homes in Grimsby since 2016.

Vikash Jayaswal, Director of Galaxy of Homes, said: “We set up Galaxy of Homes to improve access to safe and secure accommodation in the North East, an area which has been neglected by the property investment market.

“The new hub and the support of our HSBC UK Relationship Manager, Simran Sanghera, will enable us to continue improving the property market in towns like Grimsby and open up investment opportunities outside of London.”

Andrew Franklin, East Midlands Business Banking Area Director, HSBC UK said: “Vikash and Madhurita have developed a great business model which not only creates investment opportunities in the north of England, but also improves access to quality homes.

“We’re thrilled to have supported Galaxy of Homes with acquiring its new hub, which will give the business the space to expand its investment, refurbishment and property management divisions.”

This deal is part of HSBC UK’s £500 million lending fund to support small and medium-sized enterprises (SMEs) in the East Midlands.