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Durham based housing developer receives six figure funding boost

ByCJ Media

Dec 12, 2023
Kelmec and FW Capital Photo low res

Durham-based developer Kelmec Ltd has received a six figure funding investment from FW Capital to support the development of four eco-friendly new homes in Murton with a focus on sustainable living.

The investment for the development of Empire Terrace is being backed using investment from the North East Property Fund (NEPF) which is managed by FW Capital on behalf of the North East Local Enterprise Partnership (LEP). The Fund was established with the aim of supporting the development of small-scale property schemes.

Four plots are being built using state-of-the-art construction techniques, with a strong focus on energy efficiency, ensuring a sustainable and environmentally friendly lifestyle. Each of the homes boast spacious open-plan living and three well-appointed bedrooms.  They are situated in a prime location and conveniently located close to all local amenities, ensuring easy access to shops, bus routes, and recreational facilities, adjacent to Woods Terrace and near to the Dalton Park, a premier shopping and leisure destination.

Mark Killen, Director at Kelmec Ltd said: “This is our first housing development scheme and without the backing of Lewis Blakelock and FW Capital we wouldn’t have been able to progress the site to where it is today. The investment has speeded up the whole process and meant we could get the development moving and bring the houses to market, drawing on our experience of successfully completed previous single builds.

“We’re bringing energy efficiency to the heart of these properties, with solar panels, air source heat pump central heating and under floor heating to the ground floor. These features not only reduce your environmental footprint but also provide long-term energy savings which we believe are attractive selling points to prospective buyers alongside the contemporary design and convenient location.”

Lewis Blakelock, Assistant Investment Executive at FW Capital added: “It’s great to see housing being built in the Murton area. The team at Kelmec is using their previous experience to build their first scheme of high quality houses and we’re delighted to be supporting this local development. It’s a great example of how NEPF can be used to support smaller property schemes that may have struggled to get finance from mainstream lenders. I’ve been really impressed with Mark’s track record and am looking forward to seeing the completed homes.”

Helen Golightly OBE, Chief Executive at the North East LEP, said: “We were pleased to see this project come forward with its focus on sustainable living and the inclusion of energy efficient measures that will benefit the home owners for years to come. The Fund was established to support companies such as Kelmec Ltd and we hope to see more developers of this calibre applying.”

 The North East Property Fund offers loans from £250,000 up to £2million for residential and non-speculative commercial developments in Tyne and Wear, Northumberland and County Durham. The Fund can provide up to 100% of build costs for suitable schemes with repayment terms available up to two years.