Tony Cullen from FW Capital ( left ) with Rick Marsden of Building Design Northern at Simpson Street School in Sunderland .
Historic building saved with FW Capital investment
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Grade-II listed former school will be rescued thanks to a £ 930,000 investment by FW Capital , which manages the North East Property Fund .
Building Design Northern ( BDN ) secured the loan to complete the conversion of the former Simpson Street School in Sunderland into self-contained office premises and eight apartments .
The historic school , which opened in 1867 as Deptford Yard Church of England School , has been vacant since 1961 . The Gothicstyle building was protected with a Grade II listing in 1994 .
Unfortunately , the school became derelict and was targeted by vandals and severely damaged by fire in 2020 .
But thanks to the FW Capital investment , BDN will convert the school into offices housing its own headquarters , as well as developing eight loft-style apartments .
BDN will retain many of the school ’ s original features , including the bell tower . A stonemason has managed to restore most of the old signage and brickwork .
The deal came about after Durhambased architectural , structural and civil engineering firm BDN bought the site from Sunderland City Council . Planning permission was granted last August and construction work began shortly after .
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership . It offers loans from £ 250,000 up to £ 1m 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 .
BDN director Rick Marsden said : “ It is wonderful to bring such a beautiful old building back into use and to restore it for the benefit of future generations while helping to boost the local economy .
“ FW Capital were a pleasure to deal with . They shared our vision for the project and made securing the funding we needed a straightforward and efficient process throughout .”
Tony Cullen , investment executive at FW Capital , said : “ This is a project that will attract business and investment to Sunderland , while saving a Grade II-listed building from ruin .
“ BDN will create high-quality loft-style apartments and an office space that will bring new homes and jobs to Sunderland . We are delighted to have been able to help .”
Property fund reaches £ 10m milestone
The North East Property Fund , managed by FW Capital , has invested £ 10m to help kick start the development of small scale property schemes throughout the region .
The £ 10m fund was established in response to strong demand from smaller construction and property development companies that have struggled to access development finance from traditional lenders .
Backed by Santander and the North East Local Enterprise Partnership , it recycles investments and is now in a position to reinvest returns into future projects , with the aim of providing over £ 30m for the life of the fund .
Since it was founded in March 2017 , the fund has supported 20 property developers with the construction of 96 new homes and nearly 38,000 sq ft of commercial space . More than 220 jobs in the construction sector have been created or safeguarded as a result of the fund .
FW Capital offers development funding to SME housebuilders and property development companies to bring forward residential and non-speculative commercial development projects in the North East LEP area . This covers the seven local authority areas of Northumberland , County Durham , Gateshead , Newcastle upon Tyne , North Tyneside , South Tyneside and Sunderland .
Tony Cullen , North East Property Fund Investment Executive , tony . cullen @ fwcapital . co . uk
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