LUXURY homes will be built by a development company after it received a seven-figure investment.

Allendale-based Stonedale Developments is building six homes after receiving an investment managed by FW Capital from the North East Property Fund (NEPF).

This helped create five local jobs, including stonemasons and an apprentice. It supports the completion of the Meadow View project alongside partial investment by Stonedale Developments. 

The NEPF supports the development of small-scale property schemes and is funded by the North East Local Enterprise Partnership (LEP).

Located on Splitty Lane, Catton, Hexham the site consists of two bungalows with three/four bedrooms, two four-bedroom detached homes and two five-bedroom detached homes.

Each has eco-friendly underfloor heating using air-source heat pumps and solar panels to reduce energy bills.  

Stonedale Developments combines traditional stone building methods, modern construction techniques and green energy. 

It was established in 2021 by stone mason and builder Terry Sparke and property developer and chartered surveyor Trevor Newman.

The investment was led by Tony Cullen, senior investment executive at FW Capital.

Mr Sparke said: “This is an exciting time for everyone involved with Meadow View. Bringing new jobs and opportunities to the Allendale area is something we’ve wanted to do for a long time.

"Without the investment from the North East Property Fund, we wouldn’t have been able to complete this development. The rural housing market is continuing to be buoyant, and demand has been high for these properties. We have other developments in the pipeline and are looking forward to the completion of the homes at Meadow View.”

Mr Newman added: “The development has proven to be very popular and we’re delighted that offers have been placed on all six homes.

"Using the local workforce to complete the houses has also been very important to us, creating jobs and helping the local economy. We’re thrilled with how everything has progressed and the support from Tony Cullen at FW Capital has been instrumental.” 

Mr Cullen said: “Stonedale Developments is supporting the rural economy through job creation and bringing new homes to market. The early sales are testament that demand in rural areas is high despite the challenges of inflation and the cost of living. It’s also encouraging to see the success of developments such as Meadow View that include modern construction methods and green energy as an important part of the building process."