£1.35m funding for secured for new Durham commercial development scheme

Funding has been secured for the development of a prominent commercial roadside site in Stanley, County Durham, using investment from the North East Property Fund (NEPF).

Located on Agnes Street, the derelict brownfield site is being transformed into a prominent commercial roadside development, which will include Starbucks, Greggs and Dominos and is bringing 65 new jobs to the area.

Leeds-based Almscliffe-Dhesi Group (ADG) is responsible for the Stanley development and has secured £1.35m NEPF investment funding for the completion of the project which forms part of their brownfield regeneration ambitions.

ADG was established in 2019 by Neil Creeney and Bal Singh with the aim to develop empty brownfield sites while also creating new jobs. Neil Creeney previously worked for well-known Yorkshire developers Opus North and S Harrison Developments, while Bal Singh owned a string of successful pharmacies in the North East.

Managed by FW Capital, the NEPF was established with the aim of supporting the development of small-scale property schemes and is funded by the North East Enterprise Partnership (LEP).

Neil Creeney, director at ADG said: “We are delighted to secure national names such as Starbucks, Greggs and Dominos which transform this site into a prosperous commercial development that is bringing new jobs to the local area. This is what ADG is all about, revitalising and regenerating brownfield sites into something that will benefit the town.”

Tony Cullen, FW Capital senior investment executive said: “ADG is helping to support the local economy through its regeneration activity and this scheme is a great example of how the NEPF can be used to support commercial schemes and create new jobs. This is what the NEPF is all about and we are thrilled to assist ADG.”

Helen Golightly, chief executive of the North East LEP said: “The North East Property Fund is continuing to deliver for the North East economy as the commercial sites supported through the fund report more job creation.

“The new development in Stanley adds to the list of projects the fund has supported in County Durham and across the wider region. At this challenging time for businesses and the economy, it’s positive to see projects in the North East bringing investment into the region and creating new, permanent jobs.”

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 per cent of build costs for suitable schemes with repayment terms available up to two years.

By Mark Adair – Correspondent, Bdaily

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