Northumberland’s Lyham Developments embarks on a groundbreaking housing project with notable financial backing.
The development in Ellingham promises eco-friendly homes, enhanced by local craftsmanship and strategic funding support.
Project Launch and Funding Secured
Northumberland-based Lyham Developments announced its latest project, a new-build housing scheme in Ellingham, supported by a six-figure investment. This project will transform a site of four derelict cottages into modern homes. The funding, crucial for development, was obtained from the North East Property Fund, managed by FW Capital, which actively supports local real estate ventures.
The eco-friendly project will utilise sustainable practices and materials. Reclaimed resources and air source heat pumps are at the core of its design. Lyham’s focus on sustainability reflects a growing trend in the industry to favour environmental responsibility over traditional building methods. This approach not only meets modern regulatory and consumer demands but also sets a precedent for future developments.
Development and Design
The site at Brockdam Farm is set to feature two four-bedroom homes. The design incorporates natural stone and modern technology, ensuring efficiency and aesthetic compatibility with the locale. This marks a significant milestone for Lyham Developments, which previously specialised in property conversion and extensions.
Guy Renner-Thompson, director of Lyham Developments and a Northumberland councillor, expressed his excitement for the project. “It is gratifying to see our first new-build development take shape positively. Local craftsmen play a vital role, ensuring the project’s success,” he stated.
Mr. Renner-Thompson acknowledged the importance of the financial backing received. He highlighted the competitive loan terms and proactive support from FW Capital as instrumental in advancing construction work.
The Role of FW Capital
FW Capital has been pivotal in this project. Its representative, Lewis Blakelock, stated the aim is to bolster local development through strategic funding. “The North East Property Fund seeks to empower local developers and uplift the community,” he noted.
The fund offers flexible loans ranging from £250,000 to £2 million. These loans cater to residential and non-speculative commercial projects in Tyne and Wear, Northumberland, and County Durham. Its inception seven years ago responded to a distinct financing gap in small to mid-scale development projects.
In total, 51 developments have benefited from this fund, encompassing the construction of 227 homes and facilitating the creation and preservation of approximately 750 jobs. This sustained effort underscores the region’s commitment to growth and development.
Economic Impact and Community Engagement
Lyham’s development promises significant economic benefits, with job creation and the utilisation of local tradespeople at the project’s heart. This initiative reflects a broader strategy to strengthen the local economy through construction and real estate development.
Lewis Blakelock emphasised the local impact, stating the project fosters economic activity and delivers modern family housing in an appealing setting. Such developments not only generate employment but also contribute to the community’s infrastructure and quality of life.
By creating desirable living spaces, the project supports regional growth strategies, aligning with broader economic objectives set by local authorities.
Project Timeline and Future Prospects
The construction is advancing with anticipated completion by Summer 2024. The project’s progress is being closely monitored by Lyham Developments to ensure timely delivery and adherence to planned goals and standards.
Looking ahead, Lyham Developments is poised to expand its portfolio by leveraging successful past projects. This venture marks a transition into offering new-build homes, showcasing their capability and commitment to quality and sustainability.
Such ventures indicate a promising future for the company, potentially paving the way for similar developments that prioritise both environmental sustainability and regional economic enrichment.
Financial and Strategic Considerations
The North East Property Fund’s structure allows for up to 100% coverage of build costs with repayment terms of up to two years. This financial flexibility provides developers like Lyham an opportunity to pursue ambitious projects without immediate financial burden.
This strategic investment underpins Lyham’s development goals, enabling them to undertake projects that not only enhance their portfolio but also contribute positively to the community.
It is clear that the collaboration between Lyham Developments and the North East Property Fund exemplifies a successful partnership between public and private sectors, boosting the growth of small to mid-sized enterprises.
Sustainability as a Core Value
Lyham Developments places a strong emphasis on sustainability. By integrating eco-friendly technology and materials, the company addresses the pressing need for environmentally conscious building practices.
Lyham Developments’ eco-friendly project in Northumberland is set to positively impact both the local community and the environment.
With strategic funding and a commitment to sustainability, the development marks a promising future for regional housing initiatives.
