TOC Property Backed Lending Trust PLC (PBLT) is providing funding to a new North East housebuilder to deliver a bespoke, £2m executive property in Darras Hall, Northumberland.
PBLT, which is managed by Newcastle-upon-Tyne-based wealth management and property lending specialists, Tier One Capital, is providing an 18-month lending facility to Leela Homes, which is developing the exclusive, five-bedroom property in the highly sought-after estate in Ponteland.
The three-storey home, which is located on a 0.5 acres site, will feature 5 en-suite bedrooms, cinema room, study, gym and steam room, all finished to the highest standard.
Established by experienced property developers with a large portfolio of owned and managed rental accommodation in the North East, Leela Homes has been formed by Akash Ghai, Deepinder Singh Somal, Melanie Holland, Jason Brand and Gary Scott to focus on the luxury home market.
The developers have taken an innovative approach by establishing formal partnerships with their contractor, Sands Group, and architect, Envision Design Group, which are both Newcastle-based to enhance the collaboration between the partners and to generate a strong, reliable supply chain.
With planning permission secured, construction is now underway and is expected to be completed in November 2023. Leela Homes is already taking enquiries for the property, which is expected to sell for around £2.4m.
As part of this transaction, Leela Homes is also planning to build a second luxury home in Darras Hall as well as a refurbishment and a new build in Stocksfield, Northumberland.
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 PBLT agreed a funding facility for another residential scheme in Northumberland, a four-property development in Morpeth being delivered by Harrow Living Ltd. It is also currently funding Kenley Homes’ 145-property scheme in County Durham and the Maven Capital Partners supported Calmont Homes’ 61-home development in Darlington.
Brendan O’Grady, Fund Manager at Tier One Capital, said: “While PBLT has the resources and experience to support large-scale property schemes, it has also developed a niche working with the developers of low volume, high value properties in the North East.
“The directors of Leela Homes have more than 20 years property development and management experience and are well placed to make the move into luxury home building. Through its partnerships with Sands Group and Envision Design Group this will be the first of a series of stunning properties from Leela Homes.”
Akash Ghai from Leela Homes, said: “We are really pleased to have agreed this lending facility with PBLT, which is supporting the development of our first luxury residential property in Northumberland.
“Darras Hall has always been a stand out destination for high-end home buyers and new properties are always in demand. This property will be a welcome addition to the area and will set the standard for future Leela Homes properties across the North East.”
PBLT received legal advice from Rosemary Moore from Ward Hadaway. Leela Homes was advised by Peter Clegg from Keystone Law. Project costings were provided by Kenny Hiles from Sanderson Weatherall and Ashleigh Tokarski from Knight Frank.View all news