Northumberland housing development takes off with six-figure funding boost

Northumberland property company Lyham Developments will complete an eco-friendly housing scheme following a six-figure investment from the North East Property Fund.

Brockdam Farm in Ellingham will see the creation of natural stone built homes on the site of four derelict cottages, using sustainable materials including reclaimed materials and air source heating pumps. The project marks the firm’s first new-build development, having previously developed conversions and extension projects.

The two four-bedroom homes will hopefully be completed this summer following the six figure loan from the North East Property Fund, which is managed by FW Capital and backed by the North East Combined Authority. Lyham Developments was established in 2019 and is run by property developer and Northumberland councillor Guy Renner-Thompson.

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He said: “Work on the site is progressing well and we’re hoping to complete the homes by Summer 2024. We’re proud to be using local trades people on this project who are helping bring to fruition our first new build development.

“This is a very exciting phase of the development and I’ve been impressed by the support from FW Capital. From our first meeting Lewis Blakelock has been in regular contact with me and was able to provide a competitive loan rate. The whole process was made easier with Lewis’ support and the investment has enabled me to press on with the construction.”

Lewis Blakelock, investment executive at FW Capital, added: “Supporting local developers and communities is the prime goal of the North East Property Fund so we’re delighted to help Lyham Developments with their latest project. The investment has provided jobs for local tradespeople, has benefitted the local economy and is providing a new development of modern family homes in a great location.”

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. The fund can provide up to 100% of build costs for schemes with repayment terms available up to two years.

The fund was set in motion seven years ago in response to demand for smaller construction and property development financing, and over that time it has supported the construction of 227 houses across 51 developments, creating and safeguarding around 750 jobs.