Almscliffe Dhesi lands £6m loan for Sunderland scheme

Provided by the North East Commercial Property Investment Fund managed by FW Capital, the loan will support the development of the former Farringdon Road police station site.

Developer ADG triggered demolition at the site in February last year, setting in motion a £10m project that will see a retail park delivered featuring B&M, Costa, Greggs, Marie Curie, Westway Vets and a tanning salon.

The 32,100 sq ft scheme will also include a 110-strong car park with EV charge points and bike parking.

The NECPIF is backed by North East Combined Authority. This deal represents the largest loan provided by the fund since its launch in 2023.

Alongside the initial development capital required to launch this project, additional finance has again been provided in the form of mezzanine funding, by Develop North PLC, the North East-based investment fund managed by the Newcastle-based wealth management and fund management specialist Tier One Capital.

Develop North initially provided a £580,000 facility with a follow-on facility of £350,000 to take the project through to completion.

Almscliffe Dhesi was co-founded by directors Neil Creeney and Bal Singh in 2019, and focuses on retail, roadside and trade counter developments, predominantly in the North East and Yorkshire.

Creeney said: “Demolition work was completed last year and our contractors started on site in early December 2024. We’re making good progress with the steel structures starting to come out of the ground. The site was previously a bit of an eyesore with a derelict police station that had created anti-social behaviour.

“This investment is helping us to repurpose this site to create a thriving retail hub that will boost the local economy, bringing a significant number of new jobs to the area. The site is fully let with some national brands.

“We really appreciate the support from Develop North PLC, Tier One Capital and FW Capital who’s combined support demonstrates confidence in our scheme.  The backing from Tony Cullen and the team at FW Capital has once again been great. This is the second round of funding we have received from them after they supported us with a commercial development in Stanley back in 2022. They really take the time to really understand our business.

“The advice and funding from Develop North, which initiated this project, has been excellent and fundamental to the progression of this economically important scheme.”

Cllr Michael Mordey, portfolio lead for Investment at NECA, said: “We’re using devolved powers and funding to create jobs and attract investment into Sunderland and across the North East. This investment will breathe new life into a site in need of regeneration and continue Sunderland’s transformation and will improve quality of life for local people – improving our retail offer and creating opportunities for people to find work.”