Local homebuilder back on market with new multi-million-pound funding model
North East housebuilder and property developer, Homes by Carlton has re-entered the housing market with a new development and a regional expansion programme.
The County Durham developer is starting to roll-out its multi-million-pound plans to start work on at least three housing developments in Durham and Tees Valley during 2019, bringing around 300 new homes on stream.
The Newton Aycliffe-based company has established a strong, experienced management team - led by managing director Simon Walker and supported by directors Norman Peterson, Craig Peterson and Jordan Dargue - to drive forward its plans.
Having a focus on luxury family homes, the Carlton brand, has been responsible for more than £30m of residential and commercial projects across the North East and Yorkshire since its inception in 2000.
Homes by Carlton, through an innovative funding package, is now undertaking its latest housing development - Cathedral Gates, Chilton, eight miles from Durham City. This will comprise 14 spacious plots with a mix of three and four-bed detached and semi-detached homes.
Craig Peterson, co-founder of GCV and Homes by Carlton, 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.”
In partnership with North East fintech firm Growth Capital Ventures (GCV), a total of £1.4m of investment was raised to develop this scheme. FCA authorised Growth Capital Ventures structured the fundraising for the development using a co-investment model.
Around £1m of development finance was attracted from FW Capital and £200k equity finance from Fusion21, a regional corporate investor; this was matched with £200k from private, individual investors through GCV’s online investment platform, GrowthFunders.
Operations director, Jordan Dargue, 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.”
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