North East developer to transform historic school thanks to six-figure funding
A Seaham-based property developer has secured funding from Lloyds Bank Commercial Banking to transform a historic school building into an apartment complex.
Clearwater Developments will develop St Cuthbert’s Hall at the former Sunderland High School into 15 new 100 sq m two bedroom apartments.
The firm, founded in 2011 and co-owned by Ranjeet Gill and Gursh Kahlon, expects to generate £2m in revenue from the project, and plans to reinvest profits from the build into a future North East development scheme.
With the St Cuthbert’s Hall development estimated to increase Clearwater Developments’ turnover by 25 per cent, the company also plans to hire an additional staff member to support its ongoing growth.
Ranjeet Gill, co-owner of Clearwater Developments said: “St Cuthbert’s has been an exciting project for us, as it is by far our most grand and large-scale redesign…While developing modern accommodation is our focus, we have made great efforts to preserve the original building’s windows, stonework and overall character in our renovation.”
Speaking about the six-figure funding through Lloyds Bank Commercial Banking, he added: “Lloyds Bank has been by our side with other projects in the past. Without its support on this conversion, we wouldn’t have been in a position to progress the project and maintain a key piece of local history that has served generations.”
Gareth Billington, relationship director at Lloyds Bank Commercial Banking, commented: “The work undertaken by Clearwater Developments strongly caters to market demand. As well as enabling first-time buyers to invest sensibly, St Cuthbert’s 15 units are suitable for those further down the road looking to reduce their property size and cash in their assets.
“Through generating work for local contractors and meeting a much needed demand for local property Clearwater Developments is encouraging the regional economy to thrive.”
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