Allendale-based Stonedale Developments is building six new luxury homes after receiving a seven-figure investment managed by FW Capital from the North East Property Fund (NEPF). This has helped to create five jobs locally including stonemasons and an apprentice.
The NEPF supports the development of small-scale property schemes and is funded by the North East Local Enterprise Partnership (LEP). This latest investment is supporting the completion of the Meadow View project alongside partial investment provided by Stonedale Developments.
The stunning stone built homes have attracted much interest, with all six properties under offer following their release to market. Located on Splitty Lane, Catton, Hexham the site consists of two bungalows with three/ four bedrooms, two four bedroom detached homes and two five bedroom detached homes. Each home boasts eco-friendly underfloor heating using air-source heat pumps and solar panels which will help to reduce energy bills.
Stonedale Developments combines traditional stone building methods, modern construction techniques and green energy to create beautiful, practical, and future proof homes. The company was established in 2021 by stone mason and builder Terry Sparke and property developer and chartered surveyor Trevor Newman who have a combined experience of over 70 years.
Construction work is well underway at Meadow View using locally based tradesmen. Plans to occupy the first two properties is expected in July. The investment was led by Tony Cullen, Senior Investment Executive at FW Capital.
Terry Sparke, Stonedale Developments said: “This is an exciting time for everyone involved with Meadow View. Bringing new jobs and opportunities to the Allendale area is something we’ve wanted to do for a long time. Without the investment from the North East Property Fund, we wouldn’t have been able to complete this development. The rural housing market is continuing to be buoyant, and demand has been high for these properties. We have other developments in the pipeline and are looking forward to the completion of the homes at Meadow View.”
Trevor Newman, Stonedale Developments added: “The development has proven to be very popular and we’re delighted that offers have been placed on all six homes. Using the local workforce to complete the houses has also been very important to us, creating jobs and helping the local economy. We’re thrilled with how everything has progressed and the support from Tony Cullen at FW Capital has been instrumental.”
Tony Cullen, FW Capital Senior Investment Executive said: “Stonedale Developments is supporting the rural economy through job creation and bringing new homes to market. The early sales are testament that demand in rural areas is high despite the challenges of inflation and the cost of living. It’s also encouraging to see the success of developments such as Meadow View that include modern construction methods and green energy as an important part of the building process. I’m delighted to help Trevor and Terry with this new build project and contribute to generating new jobs which support the growth of the local economy.”
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.