A County Durham property developer is transforming a former care facility into four residential homes after securing a £770,000 funding deal.
Clearwater Developments is carrying out the development of Westfield Hall in Sunderland, which was built in 1896 and last occupied by registered charity Education and Services for People with Autism Limited (ESPA). The company is converting the hall into four five-bedroom private homes, retaining many original features, thanks to the six-figure support from the North East Property Fund. The first conversion is due to be completed this month, with the other three houses set to be ready later in the year.
Clearwater expects to create £1.4m in revenue from the project, which it says has safeguarded 14 full-time jobs within its subcontractor network. The Property Fund was established to support the development of small-scale property schemes similar to the Westfield Hall project. Tony Cullen, investment executive at FW Capital, facilitated the investment, which is the second project FW Capital has supported for the business.
