NEW family homes will be built in County Durham, thanks to a £1m investment by FW Capital, which manages the North East Property Fund (NEPF).
Local developer Bell Blue is using the funding to build five new homes on the site of a former equestrian centre in Hargill Road, Howden-le-Wear.
The four-bedroom detached properties are in an idyllic countryside location and will be finished using the highest quality materials. Bell Blue already has reservations on two of the five homes in the development.
Bell Blue Ltd is a property development business based in South West Durham, focused on small developments of three to 10 units.
This is the second time the NEPF has supported Bell Blue, following on from a £375,000 investment in 2019 which funded a successful small scheme in nearby Toft Hill.
FW Capital Investment Executive Tony Cullen said: “FW Capital aims to be a long-term funding partner building trusted relationships with the customers we work with so we are delighted to provide this follow-on investment.
“As with the previous Bell Blue development we supported in 2019, the design of these homes is of the highest quality and interest has been high, with two of the homes already reserved.
“The investment has provided jobs for local tradespeople, has benefitted the local economy and has provided a new development of modern family homes. We are delighted to have continued our relationship with Matt and the team and supported them with this project.”
Matt Houghton, Bell Blue Director, said: “Having previously successfully completed our Toft Hill development in 2019 with the support of FW Capital, we turned to them again to help us with our latest scheme.
“This development is in a lovely location on the outskirts of the village of Howden-le-Wear, with views over the rolling hills and fields. Work on the site is progressing well, with a lot of interest already in the homes. We are grateful to FW Capital for their ongoing support and would highly recommend them as a trusted funding partner.”
Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “Supporting local developers and communities is the prime goal of the North East Property Fund so to confirm a second round of funding for Bell Blue is a really positive development. We hope this encourages other developers to apply for their schemes too.”
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 £2m 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.