Business centre bagging £500k North East Property Fund investment could create 18 jobs

An office development has been completed with a £500k investment from North East Property Fund-managed FW Capital.

Local property developer Peter Candler secured the loan to finance the completion of the Rivergreen Centre office development at St Mary’s Park, near Morpeth.

St Mary’s Park is the former site of St Mary’s Hospital, and is a new countryside community said to be around two miles west of the village of Stannington.

The 12,480 sq ft development, available to let by a single occupier or as serviced office suites, offers office space and amenities.

The centre’s aim is to become a regional hub for business. The building has been designed and constructed to minimise environmental impact and holds a ‘very good’ BREEAM rating.

Peter Candler, director at Rivergreen Developments, said: “Built in the heart of Northumberland’s spectacular living landscape, the Rivergreen Centre offers all the benefits of 21st century technologies within the tranquility of a rural setting. It really is the best of both worlds.

“We are very grateful to FW Capital for their support. Their flexible approach and can-do attitude made them the ideal funding partner for this project.”

This is the first commercial development to benefit from the £10m North East Property Fund. The project has the potential to create 80 jobs once the site is fully occupied.

Tony Cullen, investment executive at FW Capital, added: “The Rivergreen Centre is the first commercial development that we have invested in through the North East Property Fund.

“Situated in a rural location with good transport links, the development caters perfectly for businesses that do not need a city centre presence.

“With the potential to create up to 80 jobs once fully occupied, the Rivergreen Centre will play a major role in the local economy and we are proud to have been able to support this.”