TOC Property Backed Lending Trust PLC (PBLT) provides financing for a new home builder in the North East to deliver a £2m bespoke executive property in Darrass Hall, Northumberland.
PBLT, managed by Newcastle-upon-Tyne wealth management and mortgage lender Tier One Capital, is offering an 18-month lending facility to Leela Homes, which is developing the exclusive five-bedroom property in the much sought after estate in Puntland.
The three-story home, set on 0.5 acres, will feature 5 en-suite bedrooms, a cinema room, study, gym, and steam room, all finished to the highest standard.
Created by experienced property developers with a large portfolio of rental owned and managed properties in the Northeast, Leela Homes was 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 forging formal partnerships with their contractor, Sands Group, and architect Envision Design Group, both based in Newcastle, to foster collaboration between partners and create a robust and reliable supply chain.
With planning permission secured, construction is now underway and expected to be completed in November 2023. Leela Homes is already receiving inquiries for the property, which is expected to sell for approximately £2.4 million.
As part of this deal, Leela Homes also plans to build a second luxury home in Darras Hall as well as renovate and build a new one in Stocksfield, Northumberland.
This is the latest in a series of projects being supported with PBLT funding. The LSE-listed investment fund was established over five years ago and, in that time, has supported a range of commercial and residential real estate projects, primarily in the North East and Scotland.
PBLT recently approved a financing facility for another residential project in Northumberland, a four-property development in Morpeth to be delivered by Harrow Living Ltd. It also currently funds the scheme for 145 Kenley Homes in County Durham and Calmont-backed Maven Capital Partners developing 61 homes 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 to work with low-volume and high-value property developers in the North East.
Leela Homes managers have over 20 years of experience developing and managing real estate and are well positioned to transition into luxury home construction. Through its partnership with Sands Group and Envision Design Group, this will be the first of a series of stunning properties from Leela Homes. “
Akash Ghai of Leela Homes said: “We are really pleased to have agreed on this lending facility with PBLT, which supports the development of our first luxury residential property in Northumberland.
Darrass Hall has always been a premium 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 throughout the Northeast.”
PBLT has received legal advice from Rosemary Moore from Ward Hadaway. Leela Homes was advised by Peter Clegg of Keystone Law. Project costs were provided by Kenny Hills of Sanderson Weatherall and Ashleigh Tokarski of Knight Frank.