PROPERTY development company Stapleton Investments is planning to increase its annual turnover from £6m to £10m in the next three years.

The Darlington company, an off-shoot of global consultancy Stapleton International, is working on three multi-million pound developments in the region.

Next month, it plans to launch its first project - a £3.6m complex of luxury flats in the middle of Darlington - on to the market, with ten of the 24 apartments already sold.

Stapleton Investments is also working with Durham construction company Esh Group on the development of 41 houses in Gateshead, due to launch in the summer. Its third project, for 18 properties in Sunderland is in the planning stage.

Director Bob Breeze said the developments in Darlington and Washington were together worth about £11m.

"This financial year, we are looking to have a turnover of about £6m. That is likely to rise to about £8m and then £10m over the next two to three years," he said.

"I think we will be a small, but significant housebuilder.

"We have no great plans to compete with the big players, but we will grow."

Stapleton Investments was set up two years ago and has created six full-time jobs and about 25 more in construction.

Mr Breeze said the business would continue to look for development sites across the North-East and North Yorkshire.

He said Stapleton Investments fitted well into the group alongside Stapleton International, which was established more than 30 years ago and has offices in London, Kuwait, Singapore, Malaysia, Houston and Dubai.

"Having a property company within Stapleton helps to lift the asset base of the group as a whole," said Mr Breeze.

"As a business model, the two companies complement each other very well.

"The consultancy side sees strong income growth and the property development side sees capital growth."

Stapleton International provides a full range of commercial, contractual and scheduling services to international contractors and owners in the oil and gas, construction, engineering and energy sectors.

The business, which employs about 30 people at its Darlington head office in Stanhope Road South and another 20 globally, recently secured a lucrative deal with Texan company GlobalSantaFe to provide project services for the building of a £340m drilling rig.

Stapleton International has also won work on the 2006 Asian Games village.