A derelict Victorian building has been transformed into modern family homes following a £520,000 investment by FW Capital, which manages the North East Property Fund.
Clearwater Developments Ltd secured the funding to build five new homes on the site of the former Castlereagh Road Co-operative building, in Seaham, County Durham.
The building, which lies within the Seaham Conservation Area, was built in 1881 and was used by Co-operative until 1977 but became derelict in recent years.
Now Clearwater Developments will restore the site to its former glory by improving the building’s facade and converting the internal space to provide five comfortable and modern homes.
The development will create four four-bedroom and one five-bedroom properties, with off road-parking and gardens.
Established in 2011, Clearwater Developments is led by experienced property developers Ranj Gill and Gursh Kahlon. They specialise in the acquisition, development and management of buildings across the region.
Previous projects include the transformation of the former Sunderland High School into a complex of 15 two-bedroom apartments.
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.
Clearwater Developments Director Ranj Gill said: “This is a really exciting project for us and we are delighted FW Capital was able to provide the funding to support us.
“This is a building that has been used by the people of Seaham since the Victorian era but has unfortunately become run down and unsightly. Our development will create much-needed new homes and sympathetically restore the building to its former glory.”
Tony Cullen, Investment Executive at FW Capital, said: “This development in the Seaham Conservation Area will breathe new life into a historic building that has been rather neglected in recent years.
“The transformative impact of this investment has created new homes in a popular seaside town, supported the regeneration of Seaham, and boosted the local economy. We are delighted to have been able to help.”
Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “This is exactly the type of project the North East Property Fund has been created for. It’s great to support the team at Clearwater Developments in making an impact to the local area in Seaham through the provision of high quality housing for residents.”