North East Property Fund boosts new eco-friendly Houghton-le-Spring homes with £750k
FW Capital has boosted the transformation of a former garage into 14 eco-friendly homes with £750k investment.
FW Capital, which manages the North East Property Fund, secured the funding with W&D Christie Developments Ltd, to build 14 three-bedroom, semi-detached houses in New Penshaw, Houghton-le-Spring.
The homes have been developed to deliver ‘high eco performance’, and are built using Flitcraft timber frames, delivering a zero-carbon solution.
The scheme is aimed at first-time buyers, couples and young families. Three properties have sold since its launch.
Bob Edwards, of Flitcraft Ltd, is project managing the development on behalf of directors, David and Billy Christie.
David Christie, W&D Christie’s director, said: “We are grateful to FW Capital and the North East Property Fund for their support, which helped us realise our ambition to create this development of 14 new eco-friendly family homes.”
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes. It is backed by Santander and the North East Local Enterprise Partnership (LEP).
Tony Cullen, investment executive at FW Capital, added: “These high-quality properties are energy efficient and sustainable and it’s important to FW Capital to support schemes with such a positive environmental impact.
“These homes are designed to be affordable and ensure the local community benefits for years to come.
“This is the first scheme the fund has supported in the Sunderland Local Authority area. We are keen to support more businesses with developments in Wearside and would like to hear from anyone interested in how we can help.”
David Land, Board Member for the North East LEP, concluded: “This is exactly the type of scheme the fund was set up to support and we’re thrilled to see its progress and would welcome more projects like this to come forward and access support from this fund.”