Zorin Finance has successfully secured a €29.3m loan for a residential project located on the grounds of a former Royal Air Force base in the South Hams district of Devon. The project aims to build 98 homes across seven stages, consisting of 68 private residences and 30 affordable housing units. In addition to the homes, the development will include community amenities, commercial spaces, and nine self-build plots. An extra parcel of land will be handed over to the Community Land Trust to facilitate the creation of 18 more units.
The residential scheme includes front and rear gardens, designated parking spaces, communal facilities like a play area, walking trails, and community allotments. The commercial segment at the entrance can be used for a convenience store or a café.
The project's notable aspect is its restriction to primary occupancy, ensuring that the homes serve the local population directly. Nearly half of the project (46%) is allocated to affordable housing.
Richard Gosden, partner and head of risk at Zorin, expressed enthusiasm for the project, said: “Zorin is extremely pleased to support a new borrower on a development that not only revitalises an unused brownfield site but also makes a significant contribution to the local community by offering affordable housing options. We are proud to be part of this venture.”
This development represents a critical step towards repurposing disused land for the benefit of the local community, offering a sustainable solution to housing demands in the South Hams area.
Image source - Pexels.
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