Zorin Finance is excited to announce the successful closure of a loan secured on an award winning residential development in the South Hams area of Devon, a sought out area of outstanding natural beauty.
The scheme is redeveloping a former RAF base and has already been praised in the 2023 Planning Awards for its plan to transform a contaminated wasteland into affordable housing and business opportunities.
The development consists of 98 homes built over 7 phases. This will comprise of 68 private and 30 affordable units plus community facilities, commercial units and 9 fully serviced ‘self-build’ plots together with the transfer of a parcel of land to the Community Land Trust for the delivery of 18 further units.
The units are to be finished to a good specification, and all will benefit from well-proportioned gardens to the front and rear and at least one allocated parking space or a garage. The comprehensive communal facilities will include a children’s play area, community allotments, walking trails and a car park. The commercial element, which is located at the entrance of the site, will comprise a range of uses such as a local shop and a café unit.
The scheme has been restricted to primary occupancy and 46% of the scheme will be designated as affordable housing to address the extreme housing challenges in the South Hams area and ensuring that local residents otherwise priced out of the area will be able to afford to purchase a home. This loan reflects Zorin Finance’s commitment to working with developers who are addressing regional housing shortages.
The scheme developer commented further: “It’s great news that we are now starting work on the pilot scheme for this evolutionary award winning and much awaited community led project.
Delivering a range of innovative affordable and market tenures using the ‘A Different Approach’ housing model is an example of exceptional placemaking in the AONB offering residential, commercial, retail and parkland uses with its first projected occupations in 2025.
We are delighted to be working alongside Zorin Finance, Newton and Noss CLT and South Hams District Council. We are very encouraged by the support we received from the local community in bringing this site forward and now by the interest shown by prospective purchasers and tenants”.