Funding package unlocks commercial development

A County Durham commercial property development is set to boost the region’s industrial capacity after securing a multi-million-pound funding package to deliver new warehouse space and support economic growth.

Acornfield Properties (Durham) Limited, part of Manchester-based The Prime Group, has secured a seven-figure investment package to fund the construction of Prime Point Durham, a circa 80,000sq ft commercial development at Aycliffe Business Park, in Newton Aycliffe.

Located on Carlbury Road, close to the A167 and A1(M), the scheme will comprise two industrial warehouse units of 36,069sq ft and 41,592sq ft, alongside ancillary office space, EV charging facilities and parking. 

Construction is underway, with completion expected by the end of 2026.

Jeff Pike, director at The Prime Group said: “Being originally from the North East, it’s fantastic to bring our first commercial development to County Durham. 

“Newton Aycliffe is an excellent location boasting prime transport links. 

“While we have established residential developments in the area, this marks our first commercial venture here. 

“The site is a speculative development available for let or sale, and the team at FW Capital have been supportive throughout the entire funding process.”

The development has been backed by North East mayor Kim McGuinness, with funding provided through a loan from FW Capital under the North East Commercial Property Investment Fund. 

A further seven-figure incentive from the North East Mayoral Strategic Authority has also helped bridge the project’s viability gap.

Graeme Watson, senior investment executive at FW Capital, added: “Acornfield Properties (Durham) Limited is part of the very well-established Prime Group. 

“It’s great to help them bring their first North East-based commercial scheme forward. 

“This inward investment ensures the project is commercially viable, ultimately boosting the local economy and creating vital employment opportunities for the region.” 

HTA Real Estate and Connect Property North East have been appointed joint agents for the scheme.

The £35 million North East Commercial Property Investment Fund supports the delivery of industrial, distribution and office developments across the region, with repayments recycled into future projects to drive long-term economic growth.

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