Clearwater Developments breaths new life into former Sunderland High School building
A Seaham-based property developer is transforming a historic Sunderland school building into luxury apartments.
Established in 2011 and co-owned by Ranjeet Gill and Gursh Kahlon, Clearwater Developments is a four man-team specialising in the acquisition, development and management of buildings across the North East and beyond.
It is carrying out the work with support of a six-figure funding package from Lloyds Bank Commercial Banking.
The development, aimed at professionals, will primarily feature 2-bedroom apartments, each with an approximate floor space of 100 square metres.
Clearwater Developments expects to generate £2 million in revenue from the project, which will boost its turnover this financial year by 25 per cent.
The business plans to reinvest its profits from the build into a future development project in the North East and intends to hire an additional staff member this year to support its ongoing growth.
Sign up to our daily newsletter
St Cuthbert’s is Clearwater Developments’ second project on the former Sunderland High School site.
In January 2018, the business completed a similar conversion of the school’s Centenary Building into nine apartments, with support of an additional six-figure development finance package from Lloyds Bank.
With 20 local contractors involved in the development work, St Cuthbert’s is scheduled for completion in December.
Ranjeet Gill said: “St Cuthbert’s has been an exciting project for us, as it is by far our most grand and large-scale redesign. Our quality apartments are perfect for those looking to get their foot on the property ladder for the first time or those wanting to downsize.
“While developing modern accommodation is our focus, we have made great efforts to preserve the original building’s windows, stonework and overall character. Lloyds Bank has been by our side with other projects in the past. Without its support on this conversion, we wouldn’t have been in a position to progress the project and maintain a key piece of local history that has served generations.”