Sedgefield site plucked from Tolent administrator
Fallowdale Homes has acquired Hardwick Grange, a half-completed residential development left in limbo following the North East contractor’s collapse.
The Yorkshire housebuilder, part of Leeds property group Rushbond, is now working with North Yorkshire firm Advent Developments to complete the scheme.
Advent has recently successfully developed a 23-home scheme called RomanGate in Middleton St George, near Darlington.
The £30m Hardwick Grange development comprises around 100 homes, where half of the scheme is yet to be completed. Fallowdale Homes has purchased the site from Interpath Advisory, the administrators of Tolent, and will complete the development.
Tolent Construction and associated businesses went into administration in March. In April it emerged that unsecured creditors were owed £46.7m.
Georgina Maud of Fallowdale said: “We have really ambitious plans to expand Fallowdale and the Hardwick Grange scheme is an ideal fit for our business.
“These high-quality homes have very strong appeal to homeowners and the design, quality and environment are exceptional. We are keen to ensure that the existing residents continue to feel that they are in a safe pair of hands during this time of change.”
Tim Reeve, director of Advent Developments, added “Advent is active locally and we have found there is strong demand for really high-quality homes. Sedgefield is an attractive town and the Hardwick Grange scheme has a superb range of detached family homes”.
The County Durham scheme includes three-, four- and five-bedroom houses.
Law firm Walker Morris represented Fallowdale on the purchase, and marketing of the homes will shortly recommence with LSL New Homes.