Business & Economy
£90 million investment to deliver 450 homes in Sunderland
November 7, 2019
Housebuilder Story Homes is putting £90 million into Sunderland to build 450 new homes in the area.
Working with Sunderland City Council to deliver developments across the city, it is thought that Story Homes investment will support the employment of approximately 360 people.
The Carlisle-based property company has a 30-year heritage of designing and building homes across the North of England and Southern Scotland, but this is the first step into Sunderland.
The company’s founder and CEO, Fred Story, says his decision to invest in Sunderland was down to a sense of momentum building in the area.
He said: “We are delighted to be entering the market in Sunderland, where we know we can make a positive and significant contribution to the city’s housing supply.
“Our homes will bring a fantastic new offer to the area and we know that these upcoming sites will bring many economic benefits locally.”
The new development will create approximately 58 affordable homes and will contribute to education, open space and community sport and leisure facilities.
Sunderland City Council is working closely with Story Homes to deliver the project as part of a city-wide housing strategy to ensure Sunderland has the volume and variety of homes it needs to attract and retain its residents.
Other council-planned developments across the city include a new coastal community planned for Seaburn, a £40 million scheme delivered by Karbon Homes in North Hylton and a £400 million plan by Gentoo to invest in existing stock and new schemes.
Councillor Graeme Miller, leader of Sunderland City Council, said: “We are absolutely delighted that a company renowned for the quality of its developments has spotted the potential that Sunderland represents.
“We are sure this will add enormous value to the city, building on the fantastic housing stock we already have, and the exciting programme of investment already underway.”