New homes will be built in a Teesdale village with a £690,000 investment by FW Capital, which manages the North East Property Fund.
One North Property Ltd secured the loan for the construction of three homes in the rural village of Whorlton, near Barnard Castle, County Durham.
The four-bedroom barn-style homes are being built in traditional stone and will comprise over 2,000 sq-ft including single garages and spacious gardens.
Work began last December, with the development, approximately four miles from Barnard Castle, due for completion in Autumn 2019.
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.
George Howie, One North Property Ltd Managing Director, said: “Construction is well underway at our latest scheme in the rural village of Whorlton. We have three houses being built to a high specification, with a traditional feel, designed to be in keeping with the village and surrounding area. As a developer, we are committed to building quality homes in the finest locations in the North East & North Yorkshire.
“We’re proud to be employing quality local contractors from local towns and villages and are grateful to the FW Capital and the North East Property Fund for supporting this project.”
Tony Cullen, Investment Executive at FW Capital, said: “This is the first scheme the North East Property Fund has funded in Teesdale. We are delighted to be able to provide investment to developments in rural areas, which further the objectives of the North East Property Fund and support for the North East economy.”
David Land, North East LEP Board member, said: “We’re delighted that the North East Property Fund continues to deliver what is was set up to do, providing smaller construction firms with the confidence to pursue projects to build vital new housing and its particularly pleasing to see this happening in rural areas such as Teesdale.”
Stephen Carmichael, Santander’s Large Corporate Relationship Director, said: “Santander is delighted to see the wide reaching impact of the North East Property Fund and the first transaction completed by the FW Capital team in Teesdale.”