OakNorth, the digital bank for entrepreneurs, has provided a £3.6m loan to Countrylarge, the Harrogate-headquartered boutique property developer.
Founded in 2007 by Timothy Smith, the firm specialises in residential, student, hospitality and mixed-use schemes across Yorkshire and the North of England, delivering over £250m of developments to date and has a secured delivery pipeline of £200m GDV.
The £3.6m loan from OakNorth will support the development of a new 17-key, 25-bedroomed aparthotel in Harrogate’s town centre. The site is directly opposite the Victoria Shopping Centre and close to both the town’s bus and train stations.
The new aparthotel will be operated by Beyond Aparthotels, the carbon-neutral serviced apartment brand. Once completed, the scheme will offer eco-conscious accommodation for both leisure and business travellers.
Timothy Smith, managing director at Countrylarge, said: “This scheme represents a unique opportunity to deliver something new to Harrogate, a premium aparthotel offering in a town with high visitor demand but limited modern accommodation.
“The location is outstanding, and the support from James and the OakNorth team has been fantastic. Their understanding of the regional market and appetite to back entrepreneurial developers like us made them an ideal funding partner.”
James Espley, senior director of property finance at OakNorth, added: “We’re delighted to support this high-quality regional developer on a prime asset in Harrogate’s vibrant town centre.
“Under Tim’s leadership, Countrylarge has developed a hugely impressive track record, that coupled with the sector’s strong growth potential moving forward, gave us strong conviction in the scheme’s potential. We look forward to seeing the scheme brought to life and hope to support more of Countrylarge’s projects in the future.”
