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Commercial property development across the North East is set to increase thanks to a new £35m fund launched today.

The North East Commercial Property Investment Fund is managed by FW Capital and backed by the North East Local Enterprise Partnership (LEP). The fund addresses a gap in the market and will drive economic growth and create new jobs in the North East LEP area.

Providing loans of up to £7m the fund can support speculative developments for new or refurbished commercial projects. This includes industrial units, distribution facilities or office schemes located in the seven authority areas: Northumberland, County Durham, Gateshead, Newcastle upon Tyne, North Tyneside, South Tyneside and Sunderland.

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