A development of five family homes at a former school kitchen on Wearside is nearing completion thanks to a £700,000 investment from a new funding scheme.
The building work, on disused land near Sunderland, marks the first investment the North East Property Fund has made in South Tyneside.
North Road (Boldon) Developments received the £700,000 loan to complete the construction of the five family homes in Boldon Colliery.
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).
It offers loans from £250,000 up to £1m for residential and non-speculative commercial developments in Tyne and Wear, Northumberland and County Durham.
The fund can provide up to 100 per cent of build costs for suitable schemes with repayment terms available up to two years.
The three directors of North Road (Boldon) Developments all live in the local area and were keen to bring the land back into use for the community and build much-needed family homes.
Director Lee Brown said: “These five properties have been beautifully designed, with the site also having excellent links to both the local public transport system and the A19.
“We were very grateful to FW Capital and the North East Property Fund for their support and investment.”
The company says the four-bedroom, three-storey homes will all be finished to a high standard, with an en-suite master bedroom and generous parking.
Tony Cullen, investment executive at FW Capital, said: “We are very happy to see the North East Property Fund helping with the creation of new high-quality family homes, especially on this specific piece of land that was long overdue for development.
“This is the first investment we have made in South Tyneside and we hope this marks the start of a long standing relationship with the North Road, Boldon, team.”
And Debbie Sinclair, head of sales and marketing at Andrew Craig, is now looking forward to selling the homes.
She added: “We are the appointed agents working alongside Colin Lilley on the sale of this exciting development.
“It’s a real pleasure to work with local builders who understand the importance of supporting the local community and given the quality of the homes and the location, I have no doubt it will prove very popular.”