The Newcastle company is seeking to raise £58m for investment in property projects
Michelle Percy, Develop North(Image: Recognition PR)
A well-known figure in North East politics and business has been appointed to lead a property investment company looking to accelerate its work in the region.
Develop North, which is advised by Newcastle-based fund management specialist Tier One Capital, has appointed Michelle Percy as its new chief executive officer. Ms Percy was most recently director of investment and growth at Newcastle City Council, but left the authority last year after making a bullying complaint against ex-council leader Nick Kemp.
Coun Kemp was cleared of breaching the council’s code of conduct, but a report was critical of some of his behaviour towards Ms Percy and said the local authority could have acted earlier on her concerns.
Prior to joining the council, she was a director at Clouston Group, where she worked on a number of landmark schemes including the Stephenson Quarter development and the Crowne Plaza Hotel in Newcastle.
She said: “I am so proud to be taking on this role at such an important moment for Develop North and for the North East more broadly.
“The region is continuing to attract national and international interest, and Develop North has a unique role to play in helping to unlock inward investment while also giving people who live here, or who are from here, the opportunity to invest directly in the future of the region.”
“Develop North offers a compelling way for investors to play a part in shaping the North East’s next chapter. This role is a continuation of my long-standing commitment to a region I care deeply about, and I’m excited to help build a platform that channels capital into projects that make a real difference.”
John Newlands, chairman of Develop North PLC, said: “Michelle brings an outstanding pedigree to Develop North.
“Her track record of securing investment, delivering major regeneration schemes and building effective partnerships across the public and private sectors is second to none in the North East.
“As we enter the next phase of Develop North’s growth, including the launch of our proposed £58m fundraise, Michelle brings extensive knowledge and experience to lead the business forward.
“She combines deep regional knowledge with a proven ability to execute complex projects, and we are delighted to welcome her as chief executive officer.”
Develop North aims to provide locally informed capital across residential, commercial and real estate lending opportunities, enabling both institutional and individual investors to participate in the region’s growth story. Since its establishment it has supported 43 projects with a combined gross development value of more than £280m.
The company recently set out plans to raise £58m and has identified more than £175m of pipeline opportunities.
