West Country housebuilder, Devonshire Homes, has been announced as the Housing Growth Partnership’s (HGP) new regional partner, giving the developer access to significant additional funding.
The access to funding will support Devonshire Homes’ ambition of delivering over 400 homes per year by 2026.
HGP, backed by Lloyds Bank and Homes England, has made supporting established regional housebuilders a priority, facilitating them to build more homes across the UK and grow their business.
The newly set up joint venture will soon support the development of its first scheme located near Okehampton, where Devonshire Homes has achieved a reserved matters planning consent on 32 high-quality new build homes, nine of which as affordable housing. It is expected that two additional sites will follow in relatively short order, with development expected to start in 2023.
Devonshire Homes benefited from the support of HGP to exchange on the purchase of a 50-acre site in Ilfracombe for a landmark scheme of 347 homes. With significant funds remaining available for future schemes, there is potential for Devonshire Homes to develop a further 700 new homes.
Angus Cook, managing director of Devonshire Homes, said: “I am delighted that we have entered into this exciting partnership with HGP which will allow Devonshire Homes to continue to grow as set out in our five-year plan. Owen O’Callaghan, our Finance Director, has worked closely with HGP to assist in securing this important agreement.”
“As an independent, regional housebuilder, we have a vital role in bringing high-quality new homes to market and this partnership with HGP will allow us to deliver on this mission and we look forward to working closely with HGP.”
Arnaud de Blay, investment director at HGP, commented: “Through this partnership, HGP is demonstrating its commitment to be part of the growth of Devonshire Homes and this joint venture is the first step we are taking together on this exciting and transformational journey.”
