A Seaham-based property developer is transforming a former care facility into four residential homes after securing £770,000 funding support from the North East Property Fund (NEPF) managed by FW Capital on behalf of the North East Local Enterprise Partnership (LEP).
Clearwater Developments is carrying out the development of Westfield Hall located off Mowbray Road in Sunderland. Westfield Hall was constructed in 1896 and was last occupied by registered charity Education and Services for People with Autism Limited (ESPA). It is being converted into four 5-bedroom private homes which will retain many of the property’s original features. The first conversion is due to complete in March with the other three houses set to be ready later in the year.
Clearwater expects to create £1.4m revenue from the project which has also safeguarded 14 full-time jobs within their sub-contractor network. Managed by FW Capital, the NEPF was established with the aim of supporting the development of small-scale property schemes like this. Tony Cullen, Investment Executive at FW Capital facilitated the investment, which is the second project FW Capital has supported for the business.
Clearwater Developments is a property acquisition and management company, which specialises in the development, conversion, and ongoing management of a wide range of properties in the UK. It was established in 2011 and is co-owned by Ranjeet Gill and Gush Kahlon. They work closely with Sunderland Council and associated regeneration teams to bring about considerable commercial, economic and positive change to the areas developed. Previous projects include the transformation of a former science and technology college in Sunderland into nine luxury apartments at Langham Gate, the creation of Rock House, the conversion of the derelict Rock House Community Centre and main Rock House into two townhouses, as well as turning St Cuthbert’s Hall in Sunderland into 15 luxury apartments.
Clearwater Developments’ Ranj Gill said: “Following on from our work on the conversion of Sunderland Church High School, we are delighted to once again be working in Ashbrooke on the conversion of Westfield Hall, into 4-storey executive homes. The properties will provide generous, 5 bed terraced homes with easy access to Sunderland city centre, excellent transport links as well as access to local shops and amenities. Westfield Hall retains many period features whilst offering a high specification which has been meticulously improved and modernised throughout.”
Tony Cullen, FW Capital Senior Investment Executive said: “Clearwater Development has an excellent reputation for transforming and regenerating buildings in the commercial and residential space across Seaham and Sunderland. We are delighted to provide funding which is supporting their latest development at Westfield Hall. This is the second time we have supported Clearwater Development after providing funding in 2021 for the development of a derelict Victorian building in Seaham into five houses.”
Matthew Ebbatson, Investment Programme Manager at the North East Local Enterprise Partnership, said: “As well as delivering economic benefits and job creation through the construction phase, the development of Westfield Hall will bring about positive change to the local area, and support the city’s wider Riverside Sunderland masterplan, which will be transformational for Sunderland and the North East as a whole.”
The North East Property Fund offers loans from £250,000 up to £2million 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.