Independent South West-based housebuilder Devonshire Homes has secured £8.5m of funding to build 347 new homes in Ilfracombe.
The Tiverton-based developer secured the funding package from Lloyds Bank, which will also allow the business to bring forward 400 homes per year by 2026. Devonshire Homes recently acquired the site in Ilfracombe, North Devon known as Mariner's Haven.
The funding was provided to Devonshire Homes in partnership with social impact investor, Housing Growth Partnership, with the aim that 11% of the properties will be delivered as affordable homes.
Angus Cook, managing director at Devonshire Homes, said: “Following the pandemic, when development across the country was paused, the South West is still playing catch up with its housing supply. Our five year commitment is all about injecting life back into the housing market to spur regional growth and help provide homes and communities for local people.
“Lloyds Bank’s continued support will allow us to accelerate our strategic ambitions and address the region’s housing shortages by bringing forward 400 homes per annum by 2026.”
Forecasted sales for the 50-acre site have seen Devonshire Homes predicted turnover rise 40% to £57m this year, after it extended its revolving credit facility with Lloyds Bank. Founded in 1992, the business specialises in residential development, land acquisitions and planning consultations.
Devonshire Homes currently employs 60 people with plans in place to expand operations as the developer nears capacity at its current headquarters in Tiverton.
Paul Collings, relationship manager at Lloyds Bank, added: “With the South West’s population set to grow by another 65,000 this year, the region is becoming increasingly stretched on all fronts as housing stock becomes a more immediate challenge. It’s been brilliant to support Devonshire Homes with its Ilfracombe development as the business continues to tackle one of the region's biggest challenges head on to ensure the South West remains an attractive opportunity for growth.
“We will continue to be by the side of local businesses as they see growth opportunities to shield themselves from rising inflation and volatile economic pressures.”
Construction is due to start at Mariner’s Haven during summer this year.
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