£25 million Joint Venture agreed as Devonshire Homes becomes new Regional Partner of the Housing Growth Partnership
31 March 2023Independent 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.
Devonshire Homes has entered into contracts with HGP to become a regional partner which means the housebuilder now has access to funding which will support Devonshire Homes’ ambition of delivering over 400 homes per year by 2026.
Supporting established regional housebuilders like Devonshire Homes, who have a reputation for quality and a continuous growth strategy, is a priority for HGP as they facilitate key regional housebuilders to build more homes across the UK and grow their business.
The newly set up Joint Venture will soon support the development (with more to come) of its first scheme located at Halwill Junction near Okehampton where Devonshire Homes has achieved a reserved matters planning consent on 32 high-quality new build homes with nine of these homes as affordable housing. It is expected that two additional sites will follow in relatively short order. These schemes are expected to commence development during 2023.
In addition to this new Joint Venture, 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.
Devonshire Homes has a long-standing relationship with HGP. HGP first invested alongside Devonshire Homes in 2018 at a 100 unit site in Cullompton and over the last six years together they have brought forward a variety of homes for different types of home buyers at three locations across the West Country.
Angus Cook, Managing Director of Devonshire Homes, commented:
“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.”
Backed by Lloyds Bank and Homes England, HGP is helping to address housing affordability by providing support to the regional residential development and housebuilding community to increase the number of new homes built in the UK.
Independent housebuilder Devonshire Homes has been creating new homes and communities in towns and rural areas across the South West for over 30 years. The housebuilder specialises in providing homes which reflect the traditional characteristics and building styles of the region combined with high specification, contemporary interiors.
Current developments include: The Grange, Bideford; Applegate Park, Kingsbridge; Longston Cross, Bovey Tracey; Gwallon Keas, St. Austell; Sun Houses, Yelland and Five Lanes Close, Altarnun.