North East Property Fund investment in development of family homes

A development of family homes has been made possible with a £375,000 investment by the North East Property Fund which is managed by FW Capital.

Bell Blue Ltd received the loan to complete the construction of four family homes in Toft Hill, Bishop Auckland, County Durham.

With views across the open countryside, the properties have been built to a high standard by local tradesman using stone from nearby quarries.

Property developer Bell Blue is a small company based in Staindrop, County Durham, which previously completed a successful scheme in Toft Hill in 2015.

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.

Matt Houghton, Bell Blue Limited director, said: “We were very grateful to FW Capital for their support and investment via the North East Property Fund.

“These four properties have been beautifully designed and will be finished with high-quality fixtures and fittings. With views over the open countryside, these modern family homes are truly exceptional.”

Tony Cullen, investment executive at FW Capital, said: “We are delighted to see the North East Property Fund helping with the creation of new homes. This development is of an extremely high quality in a stunning location and we are sure it will prove extremely popular.”

Helen Golightly, chief executive at the North East LEP, said: “The North East Property Fund was established to support small to medium residential and commercial property developments by unlocking finance allowing companies such as Bell Blue Ltd to realise their ambitions and develop new quality housing schemes such as the Toft Hill development.”

Stephen Carmichael, relationship director, Santander UK, commented: “Housing is a top priority for Government and so we are delighted to be supporting this key infrastructure project in the area. Toft Hill is an idyllic location for families and it’s been great to see local businesses bring this development to life.”