Funding helps ‘kickstart’ business park scheme

Lee Buchanan, left, director of Priority Space, with Chris Dixon, fund manager at FW Capital

A County Durham commercial property development is nearing completion after securing a seven-figure funding package to help transform a former industrial site into new business space.

Sheffield-based Priority Space has secured £2.5 million to support the delivery of Hutton Court at Consett Business Park, a scheme comprising 14 commercial units aimed at small and medium-sized enterprises.

The funding includes a £2 million loan from FW Capital through the North East Commercial Property Investment Fund, alongside a £500,000 incentive from the North East Mayoral Strategic Authority to bridge the project’s viability gap.

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