Thornaby housing scheme secures backing

A North East property developer is moving forward with a new housing scheme after securing a six-figure investment package to complete the project.

Billingham-based BA Properties has received funding through the Teesside Flexible Investment Fund to support the final stages of a residential development in Thornaby.

Managed by FW Capital with investment from the Teesside Pension Fund, the deal provides full funding for the scheme at 365 Thornaby Road.

Bosses say the project will deliver eight semi-detached two-bedroom bungalows aimed at meeting growing demand for accessible and modern single-storey homes in the region.

Located close to local schools and transport links, each property will include private gardens, dedicated parking spaces and access via a private road.

BA Properties, which forms part of the BA Group, is managing construction internally using its in-house development and building expertise.

Dan Hooker, director of BA Properties, said: “As our first new-build residential project, having 100 per cent of the capital secured allows us to focus entirely on delivery. 

“We’re bringing high-quality accommodation to a local market that is struggling for these types of properties. 

“Working with the team at FW Capital has been great. Both BA Properties and our parent firm BA Group have had an enjoyable journey with FW Capital for this development, and we look forward to a long-term working relationship.”

The Teesside Flexible Investment Fund was created to support property developments, business growth and ownership transitions across Hartlepool, Middlesbrough, Redcar and Cleveland and Stockton-on-Tees.

The fund combines property finance, contract-related bond funding and investment support for management buyouts and business transfers.

Lesley Telford, senior investment executive at FW Capital, added: “The Teesside Flexible Investment Fund was created to back ambitious Teesside businesses that have a clear vision for growth. 

“This development in Thornaby is a perfect example of that. 

“By providing the necessary financial bridge, we are helping to bring more choice to the local residential market and ensure that the North East remains a vibrant place to live and invest. 

“We are looking forward to seeing these eight new homes move toward completion.”

Councillor John Kabuye, chair of the Teesside Pension Fund Committee, added: “This is just the latest in a series of investments that are providing timely support to local businesses and giving a real boost to the local economy. 

“The Flexible Investment Fund is all about delivering real and lasting results, and this development by BA Properties will be a first-class addition to the local housing market.”

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