NEW homes will be built in the Tyne Valley following a £600,000 investment by FW Capital, which manages the North East Property Fund.
Joyce Developments will create two stunning new family homes in West Dilston, two miles from the popular historic village of Corbridge and three miles from the market town of Hexham.
Corbridge-based Joyce Developments, a family-run business, completed a three-unit scheme opposite the new site in 2017. Both developments support local jobs and bring high-quality housing to the market.
The North East Property Fund is committed to expanding its presence in Northumberland, following on from the successful completion of a three-unit residential scheme in Branxton, Northumberland, earlier this year.
Joyce Developments was established in 1994 as a property development and investment company. It is run by three local brothers, Miles, Chris and John Joyce, partners within the business.
In 2000, Joyce Developments developed the Tinklers Yard scheme in Corbridge, Northumberland, a commercial trading site and followed on with the development of St Matthews House in 2007, comprising a two-storey office space in Hexham.
FW Capital Investment Executive David Pesarra said: “We are delighted to support Joyce Developments to build these stunning and much sought-after new homes in one of the most beautiful parts of Northumberland. Not only is the development creating jobs for local tradespeople, but it is also providing high-quality new housing.”
Miles Joyce, Joyce Developments Partner, said: “These four-bedroom properties have already seen exceptional off-plan interest given their ideal location within the sought-after Tyne Valley, with its natural beauty and close links to transport hubs and major North East destinations.
“We are grateful to FW Capital and the North East Property Fund for all of their support with this project.”
Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “The North East Property Fund plays an important role in stimulating housebuilding, which is critical for economic growth and it’s great to see this latest investment into Joyce Developments. Hopefully this will encourage new interest from other parties who have small-scale property schemes needing finance.”
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.