The three-storey home by Leela Homes, which is located on a 0.5 acres site in Darras Hall, will feature five en-suite bedrooms, cinema room, study, gym and steam room.
Established by experienced property developers with a large portfolio of owned and managed rental accommodation in the North East, the business has been formed by Akash Ghai, Deepinder Singh Somal, Melanie Holland, Jason Brand and Gary Scott to focus on the luxury home market.
TOC Property Backed Lending Trust PLC (PBLT), managed by wealth management and property lending specialists Tier One Capital, is providing funds in the form of a lending facility to the housebuilder to deliver the project. It is expected to be completed in November 2023.
Akash 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.”
Leela Homes is also planning to build a second luxury home in Darras Hall.