THE transformation of former council offices has stepped up after a developer secured a £500,000 finance deal.

AKV Group is turning the grade II-listed Teesdale House into homes and apartments.

The building, in Barnard Castle, County Durham, was previously the headquarters of Teesdale District Council.

However, AKV, based in Shildon, also County Durham, is redeveloping the site, with its venture supported by a £500,000 refinancing package.

The business says it has already sold three homes and will use the cash backing to start the next phase of work.

The company has been assisted by law firm Swinburne Maddison, which advised on the finance agreement, with bank Santander, so renovation can start.

Swinburne, based on the outskirts of Durham City, previously helped AKV with site set up and provided legal support for the first sales.

Bosses say it also offered advice on alternative structures for the leasehold interest in the site, which will allow the company to unlock the value of the freehold reversion to the development.

Karl Everitt, AKV managing director, said the law firm’s support means he is already looking to use its expertise on another project.

He said: “We are delighted with the service from Swinburne.

“The three homes comprising phase one are all sold and we want to embark on phase two, so we are very pleased it has all gone so smoothly.

“We hope to be working with Swinburne again soon on another of our exciting developments in Spennymoor.”

Victoria Walton, Swinburne partner, said it was delighted to have helped with AKV’s continued growth.

She added: “The main challenge for us has been in trying to co-ordinate the timing of the refinancing with the final sales of units on phase one, so there was no delay on phase two.

“The fact our property team regularly works for banks and understands their requirements meant we were able to pre-empt any enquiries and pull together the necessary information very early allowing the refinance to progress seamlessly.”

Earlier this year, Swinburne announced plans to create jobs after a raft of contract successes pushed turnover higher.

The business has been responsible for overseeing various agreements in recent months, including the £11.8m acquisition of earthworks operator CA Blackwell Group by Esh Winning’s Hargreaves Services.