Property funding boosts Thinford Park development growth

Tony Cullen
Fund Manager
Thinford Park

Construction work has started on a new trade park at Thinford Park in County Durham thanks to a funding boost from the North East Property Fund (NEPF) managed by FW Capital on behalf of the North East Local Enterprise Partnership (LEP).

The work is being carried out by North East commercial property developer No Ordinary Estates after receiving investment that will support the creation of 54 new jobs.

Development of Thinford Park, near Spennymoor started in 2015, and the first unit (Dominos) opened for business in December 2015, followed by Costa in March 2016. Burger King and OneGym are also located at the site. The expansion of Thinford Park will see the construction of seven trade units with Howdens Joinery, Screwfix and Toolstation already confirmed as initial occupiers.

Managed by FW Capital the NEPF was established with the aim of supporting the development of small-scale property schemes.

Tony Cullen, FW Capital Investment Executive said: “This investment provides a great opportunity to increase the offering on Thinford Park through the construction of seven new trade counters, which will create new 54 full time jobs when the site is complete. We supported No Ordinary Estates with funding to assist the construction of the OneGym site and we are delighted to continue our support for this follow-on scheme which complements the existing retail park facilities.”

Wayne Baister, No Ordinary Estates Director, said: “Thinford Park is a superbly located and highly active trading location and I’m delighted with the support from FW Capital who have assisted us with  funding from the North East Property Fund to complete the next phase of the development. Lettings have already been secured to national retailers Howdens Joinery, Screwfix and Toolstation, with good interest from other National Operators, which further strengthens the commercial offering at Thinford Park.”

Helen Golightly OBE, Chief Executive of the North East Local Enterprise Partnership, said: “In the current economic climate it’s essential that we give businesses the confidence to invest and grow in the North East. Creating the right infrastructure is essential and through the North East Property Fund we’re helping create new commercial developments that attract businesses to the region and create more and better jobs.

"Three of the seven new trade units have already been let at this development, demonstrating how targeted investment is helping to grow the economy in the North East, bring investment into the region, and creating jobs for local people."

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.