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New homes to be built in Easington Colliery following FW Capital investment


tony
Senior Investment Executive
Published:
Horden Grange

Affordable new family homes will be built in Easington Colliery following a £864,000 investment by FW Capital, which manages the North East Property Fund.

Horden Grange Developments Ltd will use the funding to create eight stunning new homes on the eastern edge of Easington Colliery, near to the East Durham Coastline and Horden Railway Station.

The houses will be released to the market by Kimmitt Roberts as the first phase of the Horden Grange development of 16 high-quality properties.

Run by local developer Gavin Hall, Horden Grange Developments previously completed a successful scheme in South Tyneside.

FW Capital Investment Executive Tony Cullen said: “This development is a great example of what the North East Property Fund is designed to achieve. Not only is it supporting jobs for local tradespeople, but it is providing much-needed affordable family homes. We are pleased our investment has allowed Horden Grange Developments to successfully build eight new homes in Easington Colliery.”

Gavin Hall, Horden Grange Developments Director, said: “These affordable family homes are in a great location within easy reach of the East Durham coast, with good transport links to major North East destinations.

“We are delighted to have partnered with the North East Property Fund. We would like to thank FW Capital for being so helpful and supporting us in our ambition to build good-quality housing to benefit families in the Easington Colliery area.”

Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “Supporting local communities is a key ambition of the North East Property Fund so it is fantastic that the team at Horden Grange Developments are bringing new homes and jobs to Easington Colliery, helping to boost the regional economy.”

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 provideup to 100% of build costs for suitable schemes with repayment terms available up to two years.