Paragon Development Finance has provided a £11.7m development finance facility to Wharfedale Homes to fund a 79-home residential scheme in Gainford, County Durham. The facility runs over 30 months and supports a development with an anticipated gross development value of £24.3m.
The transaction is the fourth development Paragon has funded for Wharfedale Homes, all in the North East. The deal was led by Nigel Jackson, senior relationship director at Paragon Development Finance, with Shannon Altimas, senior portfolio manager, providing support.
The Spa Road site will deliver homes ranging from one-bedroom apartments to four-bedroom detached houses. The scheme was originally designed by architect Ben Pentreath and draws on traditional design principles alongside modern sustainability standards.
Each property will be individually designed, with all units incorporating ground source heat pumps and electric vehicle charging points. Paragon expects 86% of homes to achieve an EPC A rating, meeting the threshold for its Green Homes Initiative.
Gainford sits around eight miles from Darlington and is served by the A67, which provides direct road access to the town. Darlington railway station connects to Newcastle, York, Leeds and London. The village has a post office, doctor’s surgery, cafés and a pub, with primary schools available locally and a range of primary and secondary schools in the surrounding area.
The development’s mix of unit types reflects demand patterns identified in recent data. ONS projections show County Durham’s population aged 65 and over is forecast to grow over the coming years. Savills figures show that nationally, 1.29 million owner-occupiers aged 65 and over live in four-bedroom homes across England and Wales.
The scheme’s range of apartments, smaller family homes, and larger detached properties is intended to accommodate buyers including families, professional commuters, and older homeowners seeking more manageable, energy-efficient properties.
“This development represents an exciting opportunity to deliver a high-quality mix of homes in one of the most desirable villages in the area,” said Michael Brown, director at Wharfedale Homes. “Gainford continues to attract strong demand from families, professionals and downsizers looking for well-connected locations that offer a strong sense of community.
“Our relationship with Paragon has been built over a number of successful projects, and their continued support demonstrates both their understanding of our business and their confidence in the homes we deliver.”
“We are pleased to be supporting Wharfedale Homes once again as they bring forward this latest development in Gainford,” said Jackson. “Having worked together across a number of projects, we have developed a strong understanding of the business, its approach to placemaking and ability to deliver high-quality homes in attractive regional locations.
“The scheme is well positioned to meet demand from a broad range of buyers, while its sustainability credentials reflect the growing importance of energy efficiency within the new-build housing market.”
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