Multi-million commercial property scheme launched - commercial mortgages

17 July 2007

A scheme designed to boost commercial property investment has been launched in Wansbeck, Northumberland, it has been revealed.

The Wansbeck Business Premises Scheme will see more than £2 million spent over the course of the next three years as part of an effort to encourage developers and entrepreneurs, according to local media reports.

Grants worth up to 25 per cent of the project cost will be available, as will business advice, the News Post Leader has advised.

The initiative is being backed by Sir John Hall, former chairman of Newcastle United football club, and could well facilitate the arrival of more landlords with commercial mortgages.

Earlier this month it was reported that successful investors in the residential property sector were increasingly likely to turn to the commercial market in order to increase their returns, with the availability of fixed rate loans highlighted as one key benefit of such a move.