A local North East developer has received a significant funding boost to support the development of a property in Sunderland.
Lemon Property Investment Limited received a £517,000 loan, thanks to FW Capital and with valuation support from Bradley Hall.
The North East Property Fund (NEPF), an investment programme managed by FW Capital and backed by the North East Combined Authority, worked alongside property firm Bradley Hall to provide professional services advice for building on Mary Street in Sunderland.
Helen Wall, Director at Bradley Hall Sunderland, commented on the deal: “It has been a pleasure to support Lewis and the FW Capital team with this exciting development.
“The regeneration of Sunderland’s city centre is an important step in the city’s growth, and this project is a great example of the positive impact property investment can have. The £517,000 funding boost from the North East Property Fund & North East Combined Authority is an excellent opportunity to enhance the local area, and we’re proud to have played a part in supporting our city.
“The Mary Street development has acted as a catalyst for change within this area of the city and now several local developers are bringing forward similar schemes within the nearby Olive Street and Derwent Street. “
Darryl Cullerton, Director at Lemon Property Investment Limited acquired the property in recent years which covers two floors and was formerly commercial shops and offices.
Upon completion of this development, Darryl will have a property portfolio of 100 units across Sunderland, with a total value of over £10million.
The North East Property Fund offers short-term loans for small and medium-sized construction and property development companies, with loans from £250,000 to £2million available for residential and non-speculative commercial developments in the North East.
The fund, which totals £20million, is backed by the North East Combined Authority. The Fund was launched by FW Capital to address a gap in the market and facilitate the delivery of new development projects in the region, with similar funds in place in the North West, South West, Wales and Teesside.
Founded 36 years ago, Bradley Hall is a leading property firm in the region and offers full-service support to residential and commercial clients and frequently works with FW Capital to value potential development sites.
For more information on Bradley Hall, visit www.bradleyhall.co.uk
