Alnwick homes scheme lands £1.5m investment
ANORTHUMBERLAND developer is set to build new luxury homes near Alnwick on the back of a £1.5m investment.
Redfoot Developments, based in Alnwick, has received the seven-figure sum from North East Property Fund (NEPF) to develop four new four-bedroom family homes on the outskirts of the market town, in a scheme called Greensfield Farm.
The business is a new housebuilding company specialising in homes in prime locations, with Alnwick marking its first development.
Greensfield Farm is being marketed by Northumberland Properties with prices starting from £695,000, with the homes expected to be completed by summer this year.
Funding has been provided by FW Capital from the North East Property Fund (NEPF), an investment programme backed by the North East Local Enterprise Partnership.
Charlie Maling-Dunn, director at Redfoot Developments, said: “This is our first development but as a team we have extensive experience in the house building industry.
“Our focus is bringing high quality small developments to the area and Greensfield Farm is very well located in a picturesque setting.
“The land was previously a caravan park that we are regenerating to meet the local demand for quality new homes in this desirable market town.
“We’ve been very happy with the support from FW Capital whose backing is helping us to complete our first development as Redfoot Developments.”
Lesley Telford, investment executive at FW Capital, said: “Greensfield Farm is a very well located site, bringing a very high standard of homes to the local area.
“Charlie has lots of experience in this sector and we were impressed with the plans for Greensfield Farm.
“It’s a great example of how the North East Property Fund is helping smaller residential developers meet the increased demand for quality new homes.”
Helen Golightly, chief executive of the North East Local Enterprise Partnership, said: “The North East Property Fund has been hugely successful in delivering business growth in the construction sector.
“It has given new construction companies like Redfoot Developments the confidence to move forward with ambitious developments that not only create new jobs, but safeguard them for the future too.”
The North East Property Fund, launched in 2017 in response to demand for smaller construction and property development financing, is backed by the North East LEP and offers loans from £250,000 up to £2m.
Since the fund started FW Capital has reached the investment milestone of £50m, supporting the construction of 227 houses across 51 developments and safeguarding 750 jobs.