• Sat. Jul 20th, 2024

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Exclusive development in Norham receives seven figure funding boost

Galagate FW Capital (004) resizedExclusive Development in Norham for Galagate Developments

New family homes are being developed in the picturesque village of Norham, thanks to a seven-figure investment by FW Capital, which manages the North East Property Fund (NEPF); an investment programme backed by the North East Combined Authority (North East CA).

Local farmer and property developer Bruce Martin from Galagate Developments is using the funding to create an exclusive development of three stone-built conversions and five modern new build detached houses. The four and five-bedroom detached homes will be finished using the highest quality materials with individually designed bespoke kitchens and fittings.

Phase 1 of the project which consists of the three stone-built conversions is due to be finished towards the end of 2024, with reservations made on all three properties.

Local contractor MT Richardson is carrying out the construction work and support has also been provided by Berwick-based CSY Architects.

Bruce Martin, Director at Galagate Developments said: “I’m an arable farmer by trade and this is our first property development scheme which is already generating great interest. This development is in a picturesque location in the heart of Norham. Work on the site is progressing well, with a lot of interest already in the homes. The development is expected to be ready by the end of this year, with each conversion finished to the highest standard.

I’ve also been very pleased with the support from FW Capital. Communication has been great with Tony Cullen and he’s ensured everything has run smoothly. Without their financial backing this wouldn’t be happening.”

Tony Cullen, Fund Manager at FW Capital said: “Norham is lovely village in North Northumberland close to the Scottish border. This is one of many schemes we have supported in the area having previously backed schemes in Berwick and Branxton. The investment has provided work for local contractor MT Richardson and CSY Architects which is providing a further boost to the local economy.”

The North East Property Fund is backed by the North East Combined Authority (North East CA). It 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.

It was established in 2017 in response to demand for smaller construction and property development financing. Since the fund started in 2017 FW Capital has reached the investment milestone of £50million, supporting the construction of 227 houses across 51 developments, the build out of 7,589 sq. ft of commercial space and has created and safeguarded 750 jobs.