April 8 2019 @ 11:12 by Richard Dawson
A North East homebuilder and property developer has re-entered the housing market with a new scheme and a regional expansion programme.
Homes by Carlton is rolling out multi-million-pound plans to work on at least three developments in Durham and the Tees Valley during 2019, which it says will deliver around 300 new homes.
The company, based in Newton Aycliffe, County Durham, is led by managing director, Simon Walker, who is supported by directors, Norman Peterson, Craig Peterson and Jordan Dargue.
Homes by Carlton, through an innovative funding package, is now undertaking its latest housing development – Cathedral Gates, in Chilton, which is eight miles from Durham City. It will comprise 14 plots, with a mix of three and four-bed detached and semi-detached homes.
In partnership with North East fintech firm Growth Capital Ventures, a total of £1.4 million of investment was raised to develop the scheme.
FCA-authorised Growth Capital Ventures structured the fundraising for the development using a co-investment model.
Around £1 million of development finance was attracted from FW Capital and £200,000 equity finance from Fusion21, a regional corporate investor.
This was matched with £200,000 from private, individual investors through Growth Capital Venture’s online investment platform, GrowthFunders.
Mr Peterson, who is a co-founder of Growth Capital Ventures, said: “We’re delighted to be bringing the Carlton brand back to the North East.
“The region and the country are crying out for good quality homes but regional housebuilders, who know their local markets, have been starved of the cash to fund developments.
“With our innovative co-investment model, we can close that funding gap, provide much-needed high quality homes and give investors the chance to share in the development profits.”
With a focus on luxury family homes, Carlton has been responsible for more than £30 million of residential and commercial projects across the North East and Yorkshire since its inception in 2000.
Mr Dargue, operations director, added: “We’re building on our reputation for delivering high-quality homes in good locations and we remain committed to that.
“We’ve refreshed the brand and strengthened the team in preparation to launch several exciting sites during the course of 2019.”