WORK on 25 new luxury properties in a County Durham village is under way after a deal was completed to acquire the development site.
Co-Op Taylor Ltd is set to invest around £1.5m in the conversion of the former Co-Operative store in Burnopfield into new apartments and duplex units.
Most of the new homes will be built inside the existing building, which has had some development work undertaken on it by the previous owners, but a new apartment block will also be built on land immediately behind it.
Nine of the apartments are nearing completion, with the work carried out by TT Construction (Northern) Ltd, and the first ones expected to come on to the market before the end of the autumn.
Co-Op Taylor Ltd managing director Tom Taylor said: “Burnopfield enjoys a much sought-after countryside location in easy reach of the region’s main urban centres, and we’re confident there will be a lot of demand for these new properties.
“The size and structure of the Co-Op building lends itself perfectly to the sort of development we’re undertaking, and we’re very pleased to see how our plans are already being realised.”
North East business advisors Bell Tindle Williamson worked with Co-Op Taylor on the completion of the deal, and also took responsibility for liaising with one of the vendor’s advisors who is based in Australia.
Taylor said: “The detail of the acquisition meant it took some time to complete, and dealing with an advisor who is based on the other side of the world obviously an extra dimension to it, but Bell Tindle Williamson have kept things moving forwards and their input has been central to getting everything signed and sealed.”
Keith Williamson, partner at Bell Tindle Williamson, adds: “At a time when very few developers are investing in the residential property market, this high-quality scheme shows what can be achieved with the right vision, location and commitment.
“Having parties to the deal based in a different time zone presented its own unique challenges, but we were able to work around them to secure a deal for what will be an very impressive development when it’s completed.”