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Clearwater Developments

Tony Cullen
Fund Manager

“This was a really exciting project for us, and we are delighted FW Capital was able to provide the funding to support us. The development created much-needed new homes and sympathetically restored the building to its former glory.”

Ranj Gill, Clearwater Developments Director

Clearwater Developments Ltd transformed a derelict Victorian building into modern family homes after securing a £520,000 investment by FW Capital, which manages the North East Property Fund.

Located on the site of the former Castlereagh Road Co-operative building in Seaham, County Durham, the building was built in 1881 and was used by Co-operative until 1977 until it became derelict.

Clearwater Developments used the funding to build five new homes on the site, improving the building’s facade and converting the internal space to provide comfortable and modern homes.

In March 2023, the company secured £770,000 funding support from the North East Property Fund to carry out the development of Westfield Hall located off Mowbray Road in Sunderland.

It is being converted into four 5-bedroom private homes which will retain many of the property’s original features. The first conversion is due to complete in March with the other three houses set to be ready later in the year.  

Clearwater expects to create £1.4m revenue from the project which has also safeguarded 14 full-time jobs within their sub-contractor network.