A Seaham-based property developer is transforming a historic Sunderland school building into luxury apartments, with support of a six-figure funding package from Lloyds Bank Commercial Banking.
Established in 2011 and co-owned by Ranjeet Gill and Gursh Kahlon, Clearwater Developments is a four man-team specialising in the acquisition, development and management of buildings across the North East and beyond.
The firm’s latest project will see it convert St Cuthbert’s Hall, the main building of the former Sunderland High School, which closed in 2016, into 15 modern apartments with 24 parking spaces.
The development, aimed at working professionals, will primarily feature 2-bedroom apartments, each with an approximate floor space of 100 square metres.
Clearwater Developments expects to generate £2 million in revenue from the project, which will boost its turnover this financial year by 25 per cent.
The business plans to reinvest its profits from the build into a future development project in the North East and intends to hire an additional staff member this year to support its ongoing growth.
St Cuthbert’s is Clearwater Developments’ second project on the former Sunderland High School site. In January 2018, the business completed a similar conversion of the school’s Centenary Building into nine apartments, with support of an additional six-figure development finance package from Lloyds Bank.
With 20 local contractors involved in the development work, St Cuthbert’s is scheduled for completion in December 2019.
Ranjeet Gill, co-owner of Clearwater Developments said: “St Cuthbert’s has been an exciting project for us, as it is by far our most grand and large-scale redesign. Our quality apartments are perfect for those looking to get their foot on the property ladder for the first time or those wanting to downsize.
“While developing modern accommodation is our focus, we have made great efforts to preserve the original building’s windows, stonework and overall character in our renovation. Lloyds Bank has been by our side with other projects in the past. Without its support on this conversion, we wouldn’t have been in a position to progress the project and maintain a key piece of local history that has served generations.”
Gareth Billington, relationship director at Lloyds Bank Commercial Banking, said: “The work undertaken by Clearwater Developments strongly caters to market demand. As well as enabling first-time buyers to invest sensibly, St Cuthbert’s 15 units are suitable for those further down the road looking to reduce their property size and cash in their assets.
“Through generating work for local contractors and meeting a much needed demand for local property Clearwater Developments is encouraging the regional economy to thrive. Supporting such key players on a local scale is one way we’re helping Britain prosper and why we’ve pledged to lend up to £700 million to businesses across the North East this year.”