Up to 100 new construction jobs could be created in the North East following a £35m investment into the region by housing and regeneration specialist Keepmoat.
The community regeneration firm, which operates across the North of England and Midlands from 22 offices, announced the potential recruitment after acquiring three new sites, in Durham, Newcastle and Stockton.
As part of the acquisitions the firm said as many as 100 jobs will be created or protected, a significant increase on its current 288-strong North East workforce, which covers contracts within the region from a base in Gateshead.
The company said subcontractor appointments are currently under way and will be completed within eight weeks.
News of the three sites follows the publication of annual accounts Keepmoat Homes – the housebuilding division of the Keepmoat Group – which shows revenues rose by a third to £209.8m in the year ended March 2014, partly driven by consumer demand for the government Help to Buy scheme.
Adjusted EBITDA topped £20.9m, 44.1% up on the previous period’s £14.5m, while the number of plot sales rose by 23% to 1,853.
Now land on Swainby Road in Stockton will be used to build 174 new homes – 144 for sale and 30 affordable homes – for Tristar Homes in an £18m project which forms part of a regeneration partnership initiative involving Stockton Borough Council and the HCA.
Work started on site last month and the first homes will be ready for new owners in late spring.
Through Durham Villages Regeneration Company, Keepmoat’s joint venture with Durham County Council, the firm will be building 81 new homes in Sherburn Hill.
Construction has started in the last few weeks and the local community will be able to view the show homes in July.
Meanwhile, the site of the former St Stephen’s School in Longbenton is set to be developed with 41 new dwellings, providing 31 for sale and 10 affordable homes for Isos Housing.
The £5m scheme, which is the latest purchase by Keepmoat from the Diocese of Hexham and Newcastle, will be completed in early summer.
Ian Prescott, land and partnership director of Keepmoat, said: “We are delighted to continue to grow in the North East and these three new site acquisitions are set to make a significant positive impact on local communities, even more so as we plan to use local labour wherever possible to complete the developments.”