A North East developer is transforming a Sunderland building where he used to get his school uniform into luxury apartments and offices, thanks to a £517,000 funding boost.
Darryl Cullerton, the director of Lemon Properties, has been working on plans to convert the St Mary’s Street building in Sunderland since 2023, through his plans to add to the regeneration and ongoing development work in the city. The building, set near Sunderland’s Park Lane Interchange, covers two floors and was formerly commercial shops and offices, and it will now be turned into high quality apartments and offices after securing the six-figure finance from the North East Property Fund (NEPF), an investment programme managed by FW Capital and backed by the North East Combined Authority.
Following the completion of the development Mr Cullerton will have a portfolio of 100 properties across Sunderland, with a value of over £10m.
READ MORE: {}
He said: “My main focus is investing in Sunderland and bringing high end accommodation to the city. This latest development, which will be released in May 2025, brings quality apartments to the city centre. The interior design is by Gerard Mcelvenny from Pulp Studios Design House.
"I never thought I’d get to own this particular site – one of the previous shops was where I used to get my school uniform so it brings back memories. I’ve invested over £500,000 into this development because I want to make Sunderland a better place and provide great accommodation. This is the first time I’ve worked with FW Capital and is the start of our relationship. I’ve been happy with the support I’ve received from Lewis Blakelock who understands my vision.”
Lewis Blakelock, investment executive at FW Capital said: “Darryl has a great track record of success in the local property market. His drive and determination to invest in quality new developments that will improve Sunderland is impressive and at the forefront of his business strategy. There’s been lots of regeneration and development happening within the city and we share Darryl’s vision. The NEPF funding was created in response to demand for smaller construction and property development financing and this is a great example of how this is being used positively.”
Mr Mcelvenny of Pulp Studios Design House added: “‘Occasionally, we receive a brief from a client who wants something quirky, different, remarkable, unforgettable, all the while, acknowledging the building and the detailing of it’s period. Built at the turn of the century, this interior scheme moves through the decades from the 1910s through to the 1990s with little accents, twirls and skips as you glide through each apartment. We’re really looking forward to this one opening in spring / summer 2025.”
The North East Property Fund offers short-term loans for small and medium-sized construction and property development companies. Loans from £250,000 up to £2m are available for residential and non-speculative commercial developments in Tyne & Wear, Northumberland, and County Durham.