A NORTH-EAST businessman has bought a 1.5-acre site at a harbour for a multi-million pound residential development.

Kevin Wilde plans to develop the site at Seaham Harbour into a 30-unit residential site in a deal supported by Lloyds TSB Corporate Newcastle.

The former police station at Seaham Harbour, which has been disused for five years, has been purchased by Mr Wilde's development company, Wilcomm Bespoke Living Ltd.

It will accommodate the latest of three developments by the firm, due for completion next year.

Lloyds TSB Corporate Newcastle won the business under competitive tender against Yorkshire Bank and is providing facilities of £2m to support the venture.

Mr Wilde, who owned Sunderland and Newcastle greyhound stadiums before selling out to William Hill in September 2002, incorporated Wilcomm last year with director Gavin Common.

Since then they have completed two sites at South Shields and Easington Lane and anticipate company turnover to reach £15m, 18 months after the business was established.

Mr Wilde said: "The sea front location of this site made it a prime spot for residential housing and we envisage once it is complete, the development will become the flagship site for the company."