Affordable new homes planned for East Durham
Eight affordable new family homes are to be built in Easington Colliery following a £864,000 investment by a regional fund set up to fund small-scale property schemes.
The investment by FW Capital, which manages the North East Property Fund, will pay for Horden Grange Developments to create the new homes on the eastern edge of the village, near to the East Durham Coast line and Horden Railway Station.
The houses will be released to the market by Kimmitt Roberts as the first phase of the Horden Grange development of 16 properties.
FW Capital Investment executive Tony Cullen said: “This development is a great example of what the North East Property Fund is designed to achieve. Not only is it supporting jobs, but it is providing much-needed affordable family homes.
"We are pleased our investment has allowed Horden Grange Developments to successfully build in Easington Colliery. ”
Gavin Hall, Horden Grange Developments director, said: “These affordable family homes are in a great location and we are delighted to have partnered with the North East Property Fund. We would like to thank FW Capital for being so helpful and supporting us in our ambition for families in the Easington Colliery area.”
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership.
It offers loans from £250,000 up to £1m for residential and non-speculative commercial developments in the North East and can provide up to 100% of build costs for suitable schemes with repayment terms available up to two years.