Property developer nets funding for city project

A North East property developer has received a funding boost to support a new residential and commercial development in Sunderland.

Lemon Properties has secured £517,000 from the North East Property Fund (NEPF) to transform a building on St Mary’s Street, near Park Lane Interchange, with bosses saying the development will help “make Sunderland a better place and provide great accommodation”.

The project, set for completion in May 2025, will convert former shops and offices into high-quality apartments and office spaces.

Once finished, director Darryl Cullerton will oversee a portfolio of 100 properties in Sunderland, worth over £10 million. 

Darryl said: “My main focus is investing in Sunderland and bringing high-end accommodation to the city. 

“I never thought I’d get to own this particular site – one of the previous shops was where I used to get my school uniform, so it brings back memories. 

“I’ve invested over £500,000 into this development because I want to make Sunderland a better place and provide great accommodation. 

“This is the first time I’ve worked with FW Capital, and is the start of our relationship. 

“I’ve been happy with the support I’ve received from Lewis, who understands my vision.”

The NEPF, managed by FW Capital and backed by the North East Combined Authority, provides loans from £250,000 to £2 million to support small and medium-sized construction and property development companies across Tyne & Wear, Northumberland and County Durham.

Lewis, investment executive at FW Capital, added: “Darryl has a great track record of success in the local property market. 

“His drive and determination to invest in quality new developments that will improve Sunderland is impressive and at the forefront of his business strategy. 

“There’s been lots of regeneration and development happening within the city, and we share Darryl’s vision. 

“The NEPF funding was created in response to demand for smaller construction and property development financing, and this is a great example of how this is being used positively.”

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