Seven figure funding supports new homes in Gateshead

Modern new family homes are being built in Gateshead, thanks to a £1.3million investment by FW Capital, which manages the North East Property Fund and backed is by the North East Combined Authority.

Local developer Cokain Developments is using the funding to build nine new homes on the site of a former tennis court and disused pavilion in Dunston. The Fund was established with the aim of supporting the development of small-scale property schemes like this. Cokain Developments was established in 2003 by Alan Kain and Graham Cox.

The development at Monkridge Court in Dunston features three different styles of four-bedroom detached and one style of six semi-detached homes with three bedrooms. Completion is expected in June/July 2024.  Designed with the modern family in mind, the homes feature open plan living and use the highest quality materials for the build. Interest is high with one home already being sold before the site’s official launch.

Alan Kain, Director at Cokain Developments said: “Without the support of FW Capital we wouldn’t have been able to develop these properties. We’re thrilled to be bringing the Monkridge Court project to market which will improve the choice and quality of housing available locally. We have four different designs, all  built to a very high standard and will be energy efficient, helping to keep energy bills down for homeowners. It’s exciting to see the transformation of the site, rejuvenating the area around it and creating new family homes..” 

Tony Cullen, Fund Manager at FW Capital said: “We’re delighted to support Cokain Developments with their the Monkridge Court development. The new homes have been built by local tradesmen to a very high standard and are in an area where demand is high. This scheme is exactly what the North East Property Fund was set up to do, supporting small local developers to build much needed housing in communities across our region.”

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. The fund is backed by the North East Combined Authority (CA).