Redfoot Developments has received an investment boost of over £1.5million to develop four new executive stone-built family homes located on the outskirts of Alnwick.
Greensfield Farm is an exciting new housing development of beautifully designed four-bedroom homes in a countryside setting within easy access of the charming town of Alnwick. The funding to assist the development has been provided by FW Capital which manages the North East Property Fund (NEPF); an investment programme backed by the North East Local Enterprise Partnership.
Redfoot Developments is a new Northumbrian housebuilding company specialising in constructing high-quality homes in prime locations. The team is committed to delivering exceptional homes with high standard specifications, focusing on quality craftsmanship in sought-after settings. Greensfield Farm is being marketed by Northumberland Properties with prices starting from £695,000. The development is expected to complete in Spring/Summer 2024.
Charlie Maling-Dunn, Director at Redfoot Developments said: “This is our first development but as a team we have extensive experience in the house building industry. Our focus is bringing high quality small developments to the area and Greensfield Farm is very well located in a picturesque setting. The land was previously a caravan park that we are regenerating to meet the local demand for quality new homes in this desirable market town. We’ve been very happy with the support from FW Capital whose backing is helping us to complete our first development as Redfoot Developments.”
Lesley Telford, Investment Executive at FW Capital said: “Greensfield Farm is a very well located site, bringing a very high standard of homes to the local area. Charlie has lots of experience in this sector and we were impressed with the plans for Greensfield Farm. It’s a great example of how the North East Property Fund is helping smaller residential developers meet the increased demand for quality new homes.”
Helen Golightly OBE, Chief Executive of the North East Local Enterprise Partnership, said: “The North East Property Fund has been hugely successful in delivering business growth in the construction sector. It has given new construction companies like Redfoot Developments the confidence to move forward with ambitious developments that not only create new jobs, but safeguard them for the future too.”
The North East Property Fund is backed by the North East Local Enterprise Partnership (North East LEP). It 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.
It was established in 2017 in response to demand for smaller construction and property development financing. Since the fund started in 2017 FW Capital has reached the investment milestone of £50million, supporting the construction of 227 houses across 51 developments, the build out of 7,589 sq. ft of commercial space and has created and safeguarded 750 jobs.
