11/10/2018
Boost for JD Homes thanks to FW Capital North East Property Fund investment
A £630k investment by FW Capital which manages the North East
Property Fund has given a North East construction company the
opportunity to pursue its first multi-plot residential
development.
JD Homes, the residential building division of JD Joinery and
Building Services, secured the short-term loan to bring forward a
housing scheme known as The Stables in Stannington near
Morpeth.
The homes, which are a bespoke collection of three and four
bedroom detached properties are aimed at families and have just
been released with prices starting from £325k.
The £10m North East Property Fund was established with the aim
of kickstarting the development of small-scale property schemes and
is backed by Santander and the North East Local Enterprise
Partnership (LEP).
It offers loans up to £1m 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 2 years.
Joe Dixon, managing director of JD Homes, said: “Launching a
residential homebuilding division has long been an ambition of the
business and the North East Property Fund helped to realise this
thanks to support for The Stables development of five quality
homes.
“JD Joinery and Building Services has built a strong reputation
as an innovator in residential building, particularly in Passivhaus
and low-energy construction techniques. We are bringing these
specialist skills to the JD Homes brand with the aim of creating
superior family homes featuring smart home technology and
low-energy design as standard.”
Tony Cullen, investment executive at FW Capital, said: “The
North East Property Fund was set up to bridge a gap in funding for
developers just like Joe who have plenty of experience and a great
track record in delivery. The Stables is in a popular location with
good access to the A1 and has already generated significant
interest from prospective purchasers.”
David Land, the North East Investment Board chair, added: “The
Strategic Economic Plan sets out a clear need for more homes to
help drive economic growth. It is hugely positive to see the North
East Property Fund fulfilling its purpose by providing a stop gap
and that JD Homes has been able to make such good use of the
loan.”
Stephen Carmichael, relationship director at Santander, said:
“I’m delighted to see further evidence of FW Capital’s success in
identifying and executing deals that help to meet the objectives of
the North East Property Fund and more importantly, to meet the
economic objectives of the North East region.”
For more information, please visit
http://www.fwcapital.co.uk/funds-we-manage/north-east-property-fund.aspx.
