A £3 MILLION residential scheme in North Yorkshire will be realised thanks to a mutual fund launched by two businessmen.

Nineteen residential units, including two-bedroom townhouses, could soon become a reality at Staxton after the Bermudan-based fund allowed investors to benefit from the property market.

The Hemisphere Property Fund Ltd has been set up by former solicitor Jonathan Adam, pictured on the right, who is originally from Harrogate, and Christopher Wetherhill, of Leeds, pictured on the left.

It aims to take advantage of offshore flexibility and spread of risk, while allowing investors to benefit from development profits and general market gains.

Mr Adam said: "It is great to have been able to make one our first investments in Yorkshire.

"The property market is the best performing medium to long-term investment in the UK, and when you have a fund capable of moving across jurisdictions and investing in the best growth markets in other territories as well, you are able to generate serious returns with relatively small capital investments."

The fund has a number of developments under way in the UK and France, including the Staxton scheme, which has been released for sale and has had a number of off-plan offers taken.

Further information and details of the fund's investments can be found at www.hemisphereproperty.com

Updated: 09:41 Thursday, June 02, 2005