Thanks to a substantial six figure investment from the North East Property Fund, managed by FW Capital and backed by the North East Combined Authority, a former Victorian school in Crook, County Durham has been revitalised into a development of family homes.
Langley Lodge Developments, based in Durham, acquired the disused Croft School from Durham County Council. The 1450 sqm site is now undergoing conversion into four spacious homes, featuring four and five bedrooms.
With support from FW Capital, Langley Lodge Developments is steering the metamorphosis of this historic site into Oakwood Court, a testament to their expertise in both residential and commercial development.
Led by Mick Brett and Peter Lee, Langley Lodge Developments boasts a wealth of experience in diverse development sectors, with accolades in conservation and restoration projects under their belt.
Peter Lee, Langley Lodge Developments commented: “The transformation of this historic school into modern family homes is a bespoke endeavour. We're preserving the building's original charm and features, such as stone fireplaces and beams, while introducing contemporary elements like open-plan vaulted ceilings. This unique development revitalises the area.”
Mick Brett, Langley Lodge Developments added: “Bringing this project to fruition has been immensely rewarding. We've benefited from the unwavering support of FW Capital, whose shared dedication to the project has been invaluable. The conversion work, executed to the highest standards by local tradesmen, underscores our commitment to delivering excellence. We're excited to introduce this distinctive development to the community, which has already sparked significant interest.”
The properties are being marketed by Bradley Hall, Durham.
Tony Cullen, Fund Manager at FW Capital said: “Mick and Peter have many years’ experience in completing residential and commercial schemes across the North East, earning a reputation for their high standards. We’re seeing increased demand for smaller property development financing like Oakwood Court and this is what the North East Property Fund was created to help.”
Among their previous achievements was the conversion of the Grade II listed building, Esh Winning Miners Memorial Hall into supported living units earned them accolades, including an Architectural Award from the City of Durham Trust in 2013.
The North East Property Fund is backed by the North East Combined Authority, membership of which includes Durham County Council and the region’s other local and combined authorities.
Cllr James Rowlandson, Durham County Council’s Cabinet member for resources, investment and assets, said: “We are pleased to see this site coming back into use thanks to funding from the North East Combined Authority’s North East Property Fund. We look forward to the new use benefitting both the local community and those who will live in the new properties.”
The fund recently reached the investment milestone of £50 million, providing funding to help kickstart the development of small-scale property schemes throughout the region.
The North East Property Fund offers loans from £250,000 up to £2 million 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.
It was established in 2017 in response to demand for smaller construction and property development financing. The North East Property Fund is backed by the North East Combined Authority (North East CA). Since the fund started in 2017 FW Capital has supported the construction of 227 houses across 51 developments, the build out of 7,589 sq. ft of commercial space and created and safeguarded 750 jobs.
