‘Luxury’ seafront homes on North East coast funded by six-figure investment
A derelict pub in the North East has been transformed into new coastal properties following a six-figure investment.
Andco Homes Ltd secured £750k investment by FW Capital, which manages the North East Property Fund, to create the ‘luxury’ homes in Whitley Bay.
Situated on the site of the former Whisky Bends pub on Whitley Bay Promenade, the three four-bedroom townhouses form part of North Tyneside Council’s £36m Seafront Master Plan.
Graham Anderson, director of Andco Homes Ltd, commented: “This is a luxury, high-end housing scheme with stunning coastal views.
“These upmarket townhouses will play an important role in transforming Whitley Bay as part of the council’s wider regeneration scheme.
“FW Capital were helpful and accommodating and were able to provide the funding we needed to complete this development to the highest standard.”
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership (LEP).
Tony Cullen, investment executive at FW Capital, said: “This development, our first housing scheme in North Tyneside, will transform what was once a derelict eyesore into much-needed family homes in a popular seafront location.
“The positive impact of this investment will be seen for many years to come as the ambitious transformation of Whitley Bay continues. We are delighted to have been able to help.”
Andrew Moffat CBE, chair of the investment board at the North East LEP, added: “It’s really positive to see the North East Property Fund being used in the North Tyneside area for the first time to support a local business to regenerate this seafront site.
“This is exactly the type of project the fund is there to support and hopefully this will encourage other construction firm owners to apply too.”
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