Portfolio News

GCV structures funding for three property schemes in the North East

The Homes by Carlton and MAVEN GCV team, from left to right: Craig Peterson, Chief Operating Officer at GCV; Sarah MacNeil, Creative Director at GCV; Norman Peterson, Chief Executive Officer at GCV; Laura Jane Barnes-Martin, Regional Sales Manager at Homes By Carlton; Simon Walker, Managing Director at Homes by Carlton; Jan Dale, Associate Sales Director at Homes by Carlton and Owner at Urban Base.

 

Few people would argue we need more homes in the country. But it’s not just walls and roofs in any location – it’s the right homes, built with the homebuyers’ needs in mind, in the right locations.

This is particularly evident in the North East of England.

The UK currently delivers around 180,000 new homes every year. With over 300,000 new homes needed each year, the sector is struggling to keep pace with demand.  In the past, regional house builders played a critical part in housing delivery, building around 50% of all new homes needed in the UK.  This has now dropped to around 15% with one of the main issues being access to finance.

It’s therefore extremely pleasing to detail how we’ve structured the funding for over 300 new homes across the region in three property schemes, in conjunction with our strategic delivery partner, Homes by Carlton.

It’s been a very busy year for property deals at Growth Capital Ventures (GCV), with three property schemes having been structured for funding covering the areas of Middleton St George, Chilton and Redmarshall, all located in the North East.

 

300 high quality homes

The schemes will provide over 300 high quality homes, with the first scheme, Cathedral Gates at Chilton, well under way. Situated just eight miles from Durham City, Cathedral Gates offers a collection of 14 three and four-bed luxury homes, 10 of which are already sold.

The Cathedral Gates development also boasts the trialling of a new type of modular housing – CoreHaus which aims to reduce construction times and build costs, while also reducing environmental impact, and comprises of a pre-built modular core which is completed on-site with the addition of the external walls and roof.

 

Supporting the North East Supply Chain

In October 2019, Sedgefield MP Phil Wilson officially opened Cathedral Gates with Managing Director of Homes by Carlton, Simon Walker. Speaking at the opening, Phil Wilson MP said, “these fabulous new homes have not only brought jobs to the region, with Homes by Carlton recruiting locally and boosting County Durham’s supply chain, but they will also attract more young professionals and families to Chilton which is great news for the area.”

Middleton Waters at Middleton St George is the largest of the three sites, made up of 198 homes – with a range of two, three, four and five-bed terraced, semi-detached and detached homes on offer, perfect for young couples or growing families. Works began on the development of Middleton Waters in September 2019 with showhomes are expected to open in late 2020.

The Langtons development located in Redmarshall will be made up of 11 three, four and five-bed semi-detached and detached homes, due to begin development in later in 2020.

Across the three schemes GCV have raised a total of £2.55 million of equity investment from GCVs private investor network G-Ventures, who have co-invested alongside specialist institutional investors and the senior debt providers.

 

Driving Growth.
Creating Value.
Delivering Impact.

Backed by

Growth Capital Ventures (GCV) is backed by funds managed by Maven Capital Partners, one of the UK’s leading private equity and alternative asset managers.