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Business & Economy

North East investment fund supports £3m Northumberland executive housing scheme

TOC Property Backed Lending Trust PLC (PBLT) is supporting the creation of a Northumberland housing scheme.

PBLT, managed by Newcastle-based wealth management and property lending firm Tier One Capital, is supporting Harrow Living, which is delivering the Morpeth-based £3 million Harrow Grange scheme.

Set within a private estate, Harrow Grange will feature a quartet of five-bedroom detached homes.

Bosses say construction will use locally-sourced natural stone and brick and natural slate and peg tile roofs. Internally, hand crafted kitchens and aluminium framed sunrooms will be delivered.

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.

Brendan O’Grady, fund manager at Tier One Capital, said: “PBLT is proving to be a valuable resource for residential property developers such as Harrow Living.

“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.”

Graeme Harker, director of Harrow Living, said: “We are really excited to be bringing this special development forward.

“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, provided legal advice to Harrow Living, while PBLT was advised by Rosemary Moore, of Ward Hadaway.

Michael said: “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, a solicitor in Ward Hadaway’s banking team, added: “It’s great to see a local organisation providing much-needed finance in the property development and construction sectors.”