TOC Property Backed Lending Trust PLC (PBLT) is supporting a major new housing scheme in County Durham that will create 145 new homes.
PBLT, which is managed by Newcastle-upon-Tyne-based wealth management and property lending specialists, Tier One Capital, is providing a £4.2m debt facility to Kenley Homes, which is delivering the £35M scheme on the western outskirts of Bishop Auckland.
Located in Etherley Dene, the 23.4-acre site, which is to the north west of the village, will feature a mix of two-to-five-bedroom homes.
Planning for the development has been secured and construction has begun on the site with the development due to be completed in stages across the next four to five years.
The scheme will be the first development delivered by Kenley Homes, which has an experienced management team with a strong track record in the residential property sector, including David Robinson who has held senior roles for a number of national housebuilders.
This is the latest in a pipeline of projects supported by PBLT, which is delivering funding support to the residential and commercial property sectors in the North of England and Scotland.
Among them, in addition to this scheme in County Durham, is a 61-home scheme on the outskirts of Darlington, in conjunction with Maven Capital Partners and developer Calmont Homes.
The London Stock Exchange-listed investment company was founded almost five years ago and, in that time, has supported a portfolio of commercial and residential property developments, primarily in the North East and Scotland.
Brendan O’Grady, Fund Manager at Tier One Capital, said: “We’re pleased for PBLT to be supporting a new entrant to the housebuilding sector and the delivery of much-needed high quality housing in County Durham as part of the strategy to provide PBLT’s shareholders with investment opportunities that enhance communities and economies in the North East and Scotland.
“The North East is experiencing a surge in economic activity as a result of the government’s levelling up agenda, which will increase the already strong demand for quality housing that can be met by quality developments like this.”
David Robinson from Kenley Homes, said: “The investment from PBLT will be instrumental to the delivery of this scheme and we are pleased that the Tier One Capital team has shown confidence in our business and the development, which will create a range of exceptional new homes in the picturesque area of County Durham.”