TOC Property Backed Lending Trust PLC (PBLT) is supporting the creation of a bespoke housing scheme in Morpeth, Northumberland that will feature four luxury homes.
PBLT, which is managed by Newcastle-upon-Tyne-based wealth management and property lending specialists, Tier One Capital, is providing a funding facility to Harrow Living Ltd, which is delivering the £3m scheme, Harrow Grange.
The one-acre site is located on former agricultural land, just north of the town and the nearby A1, which provides close links with Newcastle.
Set within a private estate, Harrow Grange will feature a quartet of individually designed five-bedroom detached homes with views across open fields and mature woodland.
Construction of the homes includes the use of locally sourced natural stone and brick and natural slate and peg tile roofs. Internally they will include hand crafted, bespoke kitchens and elegant aluminium framed sunrooms that open out into the garden.
The build programme is underway with three of the four properties already reserved. They are expected to be completed in the summer.
This is the latest in a series of projects being supported by funds from PBLT. The London Stock Exchange-listed investment fund was founded more than five years ago and, in that time, has supported a portfolio of commercial and residential property developments, primarily in the North East and Scotland.
Most recently, this includes a 145-home scheme in County Durham being delivered by Kenly Homes and a 61-home development on the outskirts of Darlington in conjunction with Maven Capital Partners and Calmont Homes.
Providing legal advice to Harrow Living Ltd was Michael Shuker, Property Partner from Square One Law, while PBLT was advised by Rosemary Moore from Ward Hadaway.
Brendan O’Grady, Fund Manager at Tier One Capital, said: “As a recognised alternative lending provider, PBLT is proving to be a valuable resource for residential property developers such as Harrow Living Ltd. It is helping to encourage a broader range of housebuilders in the market that can deliver a wide range of quality new homes, from large scale schemes to bespoke, executive developments such as Harrow Grange.
“Northumberland continues to be a very popular place to live. With heightened economic activity in the North East, such as the offshore wind farm developments off our coast, which are being supported from Blyth and Newcastle, more people from across the UK and further afield are being attracted to the area.”
Graeme Harker, director of Harrow Living Ltd, said: “We are really excited to be bringing this special development forward, which has stunning views of Northumberland’s countryside.
“Our extensive experience in property has been applied to the design of these homes, which will be excellent additions to the local community.
“Securing this funding is a significant step forward for the scheme and we are looking forward to working closely with PBLT throughout the construction programme.”
Michael Shuker, property partner at Square One Law, said: “Having a fund that is focused on supporting North East investment is hugely beneficial to developers such as Harrow Living Ltd. PBLT is ideally suited to support this scheme, both in terms of the finance provided, but also the collaboration the relationship provides to support a strategy of delivering high quality homes in the region.”
Rosemary Moore, solicitor in the banking team at Ward Hadaway, said: ” We are delighted to work with the team at Tier One Capital and to act on behalf of PBLT, to provide expert advice on an increasing number of legal documents for lending transactions. It’s great to see a local organisation providing much needed finance in the property development and construction sectors.”