Allison Homes South West has exchanged on a deal with Octopus Capital on a 150-home development in Landkey, North Devon, for an undisclosed price.
The deal represents Octopus Capital’s first whole-site purchase through the Octopus Affordable Housing Fund (OAHF) and its first scheme directly backed by funding from Homes England.
The new homes will be 100% affordable and comprise a mix of properties available for social rent, affordable rent and shared ownership. NewArch Homes, the Octopus-owned registered provider of social housing, will be the long-term owner and manager of the homes.
James Morgan, land and partnerships director at Allison Homes South West, said: “At Allison Homes, it’s hugely important to us that homes are delivered in the places that people need them and to high quality and sustainability standards, whether that be for private purchase or affordable housing.
“Once this deal with Octopus Capital is complete, 150 new affordable homes will be provided to the community – a small step forward towards alleviating the housing crisis affecting Devon and beyond. It’s been a pleasure to collaborate with Octopus; we look forward to continuing our relationship together and to seeing the positive effect that the completed development will have.”
Jack Burnham, head of affordable housing at Octopus Capital, added: “This deal marks an important milestone for the Octopus Affordable Housing Fund – our first whole-site acquisition, and our first transaction backed by Homes England funding. It reflects the scale and pace we’re now able to bring to tackling the UK’s affordable housing shortage, and we’re pleased to be working with Allison Homes South West to deliver them to the local community.”
Shahi Islam, director of affordable housing grants at Homes England, said: “As the government’s housing and regeneration agency, increasing the supply of quality affordable homes remains one of our key objectives, and we are committed to supporting stakeholders of all sizes to achieve their ambitions.
“This scheme in Landkey is a prime example of how we work collaboratively with partners to achieve our mission of building much needed new communities that people can be proud to call home. With a significant proportion of homes for social rent and larger family houses making up around a third of the site, this development reflects our priority to meet both local and strategic housing need.”
