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Tier One Capital backs North East’s newest house builder

(from left) Bede Homes MD Joe Docherty, PBLT fund manager Brendan O’Grady, Bede director Andrew Burnett and Tier One Capital chief executive Ian McElroy

The North East’s newest house builder Bede Homes has received further support from Newcastle-based wealth management experts Tier One Capital, as it looks to build on the success of its first development.

The Sedgefield-based company has secured funding from Tier One’s Property Backed Lending Trust which will allow it to build a new £9m development of 30 family homes in Bill Quay in Gateshead.

The deal comes as it was revealed that Bede has sold all 20 properties at Marley Hill, also in Gateshead.

Bede Managing Director Joe Docherty, who joined founding partners Richard Buckley, Andrew Burnett and Gavin Cordwell-Smith, last year, said: “We are absolutely delighted to have sold out at Marley Hill, in what was probably the toughest year to be selling homes in a decade.

“We are equally delighted that Tier One Capital has recognised the potential of Bede Homes by investing again in our second project. We enjoy working with the professional team at Tier One and look forward to delivering more strong results for Bede and for our funders.

PBLT is an investment fund listed on the London Stock Exchange and fund manager Brendan O’Grady said: “We are proud to continue supporting the Bede Homes team following the success of its Marley Hill project.

“As a funder with a natural focus on the North East, we are very pleased to be working alongside an experienced and professional team to help benefit the region with further development opportunities.”

Bede’s next development at Bill Quay is on land purchased from Sunderland based social housing provider and developer Gentoo. The project will comprise of 30 mainly three and four-bedroom detached houses on land next to Gullane Close and Marian Drive.

Joe, whose move to Bede saw him return to the property sector after taking five years out to lead Newcastle College Group, the largest Further Education provider in the country, said: “I am relishing the challenge of leading Bede. We have a great team and our aim is to be the premier independent house builder in the North East. Bill Quay is a great location and we anticipate it will be even more successful than our Marley Hill development.

“Work should begin soon at Bill Quay and we are hoping to announce further projects for Bede Homes in the coming months.”