Dukemount Capital Plc announce that the building contract for the development of the West Derby Project in North West England has been signed by the contractor. The development involves the demolition of a large existing building and the development of a purpose-built structure with 17 apartments and 3,200 square feet of retail space to the specifications of a housing association which has signed a 50-year lease. The targeted date for the works to be completed is June 2020. A segregated mandate limited partnership managed by Alpha Real Capital, which bought the project in December, is funding the complete development cost of £3 million. Dukemount is managing the development using monthly draw-downs from the £3 million. A development profit is paid to Dukemount upon practical completion of the development and this will be reflected in the results which follow completion.