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New Northumberland homes sold in record time following FW Capital investment


tony
Senior Investment Executive
Published:
Dacre St

New luxury homes in rural Northumberland - funded with investment from the North East Property Fund (NEPF) – have sold out in just three months.

Work started on the six properties, in Glanton near Alnwick, in September. The stone-built homes attracted much interest and sold out quickly, including four properties that were snapped up over Christmas.

The buyers, from as far away as Norfolk and West Yorkshire, are keen to take advantage of the stunning scenery and better value for money the county has to offer.

Dacre Street Developments received a loan of £1.7m from the North East Property Fund to fund the construction of the homes, which are due to be finished in Autumn 2022.

The popularity of the homes echoes the success of a previous scheme at Longframlington, which won the 2021 Regional LABC award for best medium volume new housing development.

Managed by FW Capital, the NEPF 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).

FW Capital Investment Executive Tony Cullen said: “The market in Northumberland is really strong at the moment, with the rural and coastal areas doing particularly well.

“There is evidence that the rise of remote working has allowed people from out of the area to move up to Northumberland for its rural setting, good standard of living and better value for money.

“Testament to the current appetite for property in Northumberland is the fact that these homes sold off-plan in the first three months of construction.

“The North East Property Fund was designed to provide investment to support the development of small-scheme developments like this, which address the urgent need for more high-quality housing. We are delighted to have been able to help.”

Dacre Street Developments was opened in 2015 by Sean Pringle, the Managing Director, who has over 25 years’ experience in the construction industry. Each of their developments are carefully considered, incorporating luxurious design features and are finished with the highest of specifications.

Sean Pringle, Dacre Street Developments Managing Director, said: “It is fantastic that our new development in Glanton sold out in such a quick timeframe. The buyers are all really excited to get the keys to their new homes later this year.

“We are grateful to FW Capital for their investment and ongoing support which has helped us to provide beautiful new homes for six families in an absolutely stunning part of Northumberland.”

Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “Dacre Street Developments is helping support the local economy through the creation of new homes and jobs, which is a positive outcome and everything the North East Property Fund hopes to achieve.”

The North East Property Fund 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.