A listed investment accept as true with setting up to assist North East property developments has grown its portfolio to fifteen projects totaling £27.5m in fee.
The TOC Property Backed Lending Trust, that is managed through Newcastle-based wealth management company Tier One Capital, executed earnings of £2.1m for the year finishing 30 November 2018, up from £1.3m the previous 12 months.
It has agreed four new loan centers to help a group of business and residential property trends.
These covered £four.525m to Thursby Homes (Springs) to finance the improvement of 22 luxury apartments in Low Fell, Gateshead, and £three.1m to Northumberland Ltd for the improvement of thirteen luxury residences and four bungalows in Morpeth.
It additionally loaned £550,000 to Dinosauria to fund the purchase of Gateshead Town Hall. Plans encompass the modernization of the homes to be used as serviced places of work, with a medium-term plan to convert the main town hall into an “edutainment” attraction to be called The Unnatural History Museum.
In its 2nd yr of trading, following its release on the main marketplace of the London Stock Exchange in 2017, the enterprise’s portfolio gave a go back of just over three consistent with the cent and extended its annual dividend to six.75p.
In its results the organization additionally announced the departure of present-day chairman Steve Coe who will step down after the AGM, to get replaced by way of John Newlands, the previous head of funding companies research at Brewin Dolphin.
Ian McElroy, leader govt of Tier One Capital, stated: “The corporation keeps to provide high high-quality, experienced belongings developers inside the regions with an opportunity and strong supply of investment, that is delivering nice returns to its investors.
“The sturdy cognizance on supporting traits within the North East demonstrates the self-assurance within the region and its belongings market.””
Brendan O’Grady, fund manager, added: “We would really like to thank Steve Coe for his efforts all through his time period as chairman, and we are assured that we will construct on the first years in operation to continue to put into effect the enterprise’s funding coverage and supply the extent of steady quarterly profits than many UK traders demand.
“We are extremely joyful that John will be the employer’s new Chairman, given the wealth of economic market enjoy and vast local information that he’ll carry to the position.”
