Tetley Hall is the former catering hall of residence at the University of Leeds, and is now being developed into the PRS scheme, Spinning Acres.

The funding will help acquire additional mixed-use assets, including student housing, residential, industrial and essential retail properties — Pickard has been a customer with Aldermore since 2021.

The finance package was supported by Newsource Commercial Finance (Newsource).

Michael Graham, senior lending manager at Aldermore, commented: “We’re delighted to continue to support Pickard and further strengthen our relationship with them as a long-standing client.

“Pickard has a wealth of experience in the property sector and with our knowledge of their business and expertise, we were able to work together with them and Newsource to tailor a finance package they needed to make this deal happen.

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“This additional funding helps Pickard in turn support many of their SME business tenants, as well as building sustainable housing and we look forward to continuing to work with Pickard as they go from strength to strength.”

Catherine Coleman, finance director with Pickard Group, added: “This finance from Aldermore will allow us to continue to acquire, manage and grow further in our core areas of expertise across Yorkshire.

“It’s fantastic to see our relationship with Aldermore continue to flourish and this is due to their ongoing commitment to understand our needs and ambitions.”

Brian Walters, director of Newsource said: “This was very much a team effort from start to finish between ourselves and Pickard’s commercial finance broker, Tim Wilde whose long standing relationship with these valuable clients goes back many years.

“This was a complex deal involving a range of commercial and residential investment assets and a significant debt quantum which Aldermore was able to accommodate.”