Local property developer invests over £500k in Sunderland

Local North East developer, Lemon Properties has received a £517k funding boost to support a new property development in Sunderland. 

Finance to support the development comes from the North East Property Fund (NEPF) which is an investment programme managed by FW Capital and backed by the North East Combined Authority. It is assisting the development of a building on St Mary’s Street that will released in May 2025. It covers two floors and was formerly commercial shops and offices. The new development, which sits near Sunderland’s Park Lane Interchange now consists of a high quality apartments and offices.

Following the completion of this development Darryl Cullerton, Director at Lemon Properties will have a property portfolio of 100 across Sunderland, with a value of over £10million. He talks about the importance of regeneration and development in Sunderland. 

Darryl Cullerton, Director at Lemon Properties said: “My main focus is investing in Sunderland and bringing high end accommodation to the city. This latest development, which will be released in May 2025, brings quality apartments to the city centre. The  interior design is by Gerard Mcelvenny from Pulp Studios Design House. I never thought I’d get to own this particular site – one of the previous shops was where I used to get my school uniform so it brings back memories. I’ve invested over £500k into this development because I want to make Sunderland a better place and provide great accommodation. This is the first time I’ve worked with FW Capital and is the start of our relationship. I’ve been happy with the support I’ve received from Lewis Blakelock who understands my vision.”

Lewis Blakelock, Investment Executive at FW Capital said: “Darryl has a great track record of success in the local property market. His drive and determination to invest in quality new developments that will improve Sunderland is impressive and at the forefront of his business strategy. There’s been lots of regeneration and development happening within the city and we share Darryl’s vision. The NEPF funding was created in response to demand for smaller construction and property development financing and this is a great example of how this is being used positively.”

The North East Property Fund offers short-term loans for small and medium-sized construction and property development companies.  Loans from £250,000 up to £2 million are available for residential and non-speculative commercial developments in Tyne & Wear, Northumberland, and County Durham.

The £20 million fund is backed by the North East Combined Authority. The Fund was launched to address a gap in the market and facilitate the delivery of new residential and non-speculative property development projects in the North East area.