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.
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Clearwater Developments, based in Seaham, was established in 2011 by Ranjeet Gill and Gush Kahlon, as a property acquisition and management company, specialising in the development, conversion, and management of a range of properties.
Mr Gill said: “Following on from our work on the conversion of Sunderland Church High School, we are delighted to once again be working in Ashbrooke on the conversion of Westfield Hall, into four-storey executive homes. The properties will provide generous, five bed terraced homes with easy access to Sunderland city centre, excellent transport links as well as access to local shops and amenities. Westfield Hall retains many period features whilst offering a high specification which has been meticulously improved and modernised throughout.”
Mr Cullen added: “Clearwater Development has an excellent reputation for transforming and regenerating buildings in the commercial and residential space across Seaham and Sunderland. We are delighted to provide funding which is supporting their latest development at Westfield Hall. This is the second time we’ve supported Clearwater Development after providing funding in 2021 for the development of a derelict Victorian building in Seaham into five houses.”
Matthew Ebbatson, investment programme manager at the North East LEP, said: “As well as delivering economic benefits and job creation through the construction phase, the development of Westfield Hall will bring about positive change to the local area, and support the city’s wider Riverside Sunderland masterplan, which will be transformational for Sunderland and the North East as a whole.”
The North East Property Fund offers loans from £250,000 up to £2m for residential and non-speculative commercial developments in Tyne and Wear, Northumberland and County Durham.
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