A derelict pub has been transformed into stunning coastal homes following a £750,000 investment by FW Capital, which manages the North East Property Fund.
Andco Homes Ltd secured the funding to build three four-bedroom townhouses on the site of the former Whisky Bends pub, on Whitley Bay Promenade.
North Tyneside Council bought the site in 2014 and the former pub was knocked down in 2018 as part of the council’s £36million Seafront Master Plan to regenerate the coastline.
Andco Homes then purchased the site from the council and secured planning permission and FW Capital investment to fund the scheme.
The company is led by experienced property developer Graham Anderson, who also owns the successful construction firm Compass Developments Ltd.
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.
This is the first scheme the NEPF has supported in North Tyneside.
Graham Anderson, Director of Andco Homes Ltd, said: “This is a luxury, high-end housing scheme with stunning coastal views.
“These upmarket townhouses will play an important role in transforming Whitley Bay as part of the council’s wider regeneration scheme.
“FW Capital were helpful and accommodating and were able to provide the funding we needed to complete this development to the highest standard.”
Tony Cullen, Investment Executive at FW Capital, said: “This development, our first housing scheme in North Tyneside, will transform what was once a derelict eyesore into much-needed family homes in a popular seafront location.
“The positive impact of this investment will be seen for many years to come as the ambitious transformation of Whitley Bay continues. We are delighted to have been able to help.”
Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “It’s really positive to see the North East Property Fund being used in the North Tyneside area for the first time to support a local business to regenerate this seafront site. This is exactly the type of project the fund is there to support and hopefully this will encourage other construction firm owners to apply too.”