Future of Spennymoor housing project fixed in new property deal
A County Durham housing development’s future has been secured.
Previously forming part of the property portfolio of Carillion, The Acorns has been bought out and is to be developed in a joint venture with two businesses. It has been acquired by Buccleuch Property, developed in partnership with Impec Investments.
The Acorns is a development of two, three and four-bedroom homes in Spennymoor, County Durham. There are 70 new homes in nine different styles and sizes.
Neil McMillan, Impec Investments’ owner and managing director, said: “The purchase of this development and its delivery through Maple Oak Homes gives us a proven house building business to embark on projects bringing new homes to people in the North East.
“We have started by procuring The Acorns project in Spennymoor from Carillion. Partnering with the respected property developer and investor Buccleuch Property, we are bringing certainty to the homebuyers on the site and ensuring the contractor, Partner Construction, has a client with the resources to ensure completion.”
The development will be delivered by Impec under the Maple Oak Homes brand - which it acquired as part of the partnership with Buccleuch.
The project is well underway with 15 of the homes sold, and a further 15 reserved with the next phase due to be released in the near future.
The new owners have confirmed existing contractor, Partner Construction, will continue to build the new homes, which maintains the continuity and timescales of the project.
McMillan added: “Following our purchase, Maple Oak Homes is now in a position to invest in more developments and expand in line with the demand for quality new homes in the region.”
Impec Investments was established three years ago in 2015. Neil has 15 years of experience leading property regeneration projects.
McMillan has managed major £100m projects in Sheffield, Manchester and the North East, including the transformative Freemans Reach redevelopment on the south bank of the River Wear in Durham.
Sandy Smith, Buccleuch’s development director, said: “We have a long and successful track record of investing into the North East of England and are delighted to be delivering The Acorns in partnership with Impec and Partner Construction.”
Buccleuch Property has offices in Edinburgh, Sheffield and London, and has a UK-wide property investment portfolio of circa £350m in a range of development sites.