The loan will be used to fund the next stage in converting the 19th century Raithwaite Sandsend Estate.

Located between the North York Moors National Park, and Sandsend beach in Whitby, Yorkshire, the 85-acre site will see the development of 179 luxury villas, lodges and cottages called the Saltmoore Collection.

This next phase follows the reopening of the estate’s two hotels, Saltmoore House and The Beach House, in November 2024.

The first phase of the Saltmoore Collection holiday lodges have recently been released by local estate agent, Henderson’s.

Stephen Conway, co-founder and executive chairman at Galliard, said: “The Raithwaite Sandsend estate has a unique and extensive history, so it is our privilege to be breathing new life into the site, whilst preserving its historical significance to the region.

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“OakNorth once again proved themselves to be a fantastic funding partner – we have worked with the team for years and keep going back as their flexibility, transparency, and entrepreneurial approach is second to none.”

Mark O'Connor, investment director at O'Shea commented: “We were delighted to once again work closely with Stephen and the team at Galliard, with OakNorth being the clear funder of choice given their expertise in the sector and reputation for backing independent property developers such as ourselves.”

Damien Hughes, senior director of property finance at OakNorth, added: “This deal presented an exciting opportunity for OakNorth to support two of our long-standing customers with their latest JV project.

“The combination of the development expertise from both O’Shea and Galliard, alongside the well-renowned hotel management team that have been brought in, will no doubt be core reasons behind the project’s success.”