Devonshire Homes joint venture acquires landmark Ilfracombe site
A funding partnership has been established to support the acquisition and development of a landmark scheme of 347 homes in Ilfracombe, North Devon.
Independent West Country house builder Devonshire Homes has joined forces with social impact investor, Housing Growth Partnership (HGP) to bring forward the 50-acre site, as part of Devonshire Homes’ ambitious growth strategy.
Located off Old Barnstaple Road, the land with spectacular views across the Bristol Channel sea and stunning open countryside, has a Reserved Matters Planning Consent for 309 open market homes and 38 affordable homes. The homes comprise a full range of homes, from one and two bedroom apartments and two, three and four bedroom houses.
The new Ilfracombe scheme is the fourth site acquired under the joint venture arrangements between the Tiverton-headquartered house builder and HGP in the last six years. It is also an important strategic milestone for Devonshire Homes as the 30-year old residential home developer drives its ambitious five-year growth plan forward.
Angus Cook, Managing Director at Devonshire Homes, commented: “The purchase of this sought-after Ilfracombe site cements further our exciting partnership with HGP and long-term relationship with our funders, Lloyds Bank. It demonstrates the success of our partnership model and the confidence in our robust growth plans to build more high quality, sustainable communities across the region.”
Construction at Ilfracombe is due to start in early 2023. Devonshire Homes will be responsible for all aspects of the development process. Working with Thrive Architects the award-winning housebuilder intends to deliver homes with an exciting and aspirational coastal aesthetic design that sits well within the topography of the elevated site, maximising the stunning outlook and coastal views.
Angus continued: “Lying close to the amenities of Ilfracombe and offering easy access to the A39 and A361, the site has the exciting potential to offer customers all of the convenience of this desirable location with the high-quality homes that Devonshire Homes is recognised for.
“This fantastic site, represents a significant step change in Devonshire Home’s expansion. The acquisition is consistent with our active growth strategy and underpins our ability to identify and secure opportunities in the best locations to deliver high-quality homes that people want to live in.”
HGP, established by Lloyds Banking Group and Homes England to provide assistance to ambitious housebuilders in the UK, invests alongside housebuilders to support the delivery of new homes.
Arnaud de Blay, Investment Director at HGP commented: “We are delighted to be partnering with Devonshire Homes to bring forward this locally significant scheme at Ilfracombe. We recognise that this scheme plays a large part in the ambitious growth plans for Devonshire Homes
“HGP’s investment in the Ilfracombe development represents a deepening of an already hugely successful partnership and the next step in our respective growth journey. This deal reflects HGP’s ability and willingness to invest significant money into large and complex sites along the right partners.”
A range of community benefits are planned under the Section 106 agreement which will see Devonshire Homes contributing to the local community in the following ways: providing sports pitches, a MUGA (multi-use games area), LEAP (local equipment area for play), LAPS (local area for play) and open space. Land will also be provided for a school and community facility to be built. The overall Section 106 financial contributions to be made for the scheme will total over £2,000,000 after indexation and are to be used for the following
1. Local cemetery
2. Community building on site
6. Youth Services
The Devonshire Homes team has decades of experience in building new communities across the West Country with current developments including: The Grange, Bideford; Tarka View, Crediton; Longston Cross, Bovey Tracey; Applegate Park, Kingsbridge; Gwallon Keas, St. Austell; Five Lanes Close, Altarnun and The Sun Houses, Yelland.
To find out more about Devonshire Homes, visit www.devonshirehomes.co.uk.