NEW family homes have been built on the site of a former school kitchen with a £700,000 investment by FW Capital, which manages the North East Property Fund.
North Road (Boldon) Developments Ltd received the loan to complete the construction of five family homes in Boldon Colliery, South Tyneside.
The development, on disused land, marks the first investment the North East Property Fund has made in South Tyneside.
The four-bedroom, three-storey homes will all be finished to a high standard, with an en-suite master bedroom and generous parking.
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership (LEP).
It offers loans from £250,000 up to £1m for residential and non-speculative commercial developments in Tyne and Wear, Northumberland and County Durham. The Fund can provide up to 100% of build costs for suitable schemes with repayment terms available up to two years.
The three directors of North Road (Boldon) Developments Ltd all live in the local area and were keen to bring the land back into use for the community and build much-needed family homes.
Lee Brown, North Road (Boldon) Developments Ltd Director, said: “These five properties have been beautifully designed, with the site also having excellent links to both the local public transport system and the A19.
“We were very grateful to FW Capital and the North East Property Fund for their support and investment.”
Tony Cullen, Investment Executive at FW Capital, said: “We are very happy to see the North East Property Fund helping with the creation of new high-quality family homes, especially on this specific piece of land that was long overdue for development. This is the first investment we have made in South Tyneside and we hope this marks the start of a long standing relationship with the North Road (Boldon) team.”
Debbie Sinclair, Head of Sales & Marketing at Andrew Craig, said: “We are the appointed agents working alongside Colin Lilley on the sale of this exciting development. It’s a real pleasure to work with local builders who understand the importance of supporting the local community and given the quality of the homes and the location, I have no doubt it will prove very popular.”