NewArch Homes, a registered provider of social housing owned by Octopus Affordable Housing Fund, has completed the acquisition of 44 affordable homes in East Devon from Bloor Homes for an undisclosed price.
Located in Pinhoe, the new build development comprises a mix of 30 affordable rent and 14 shared ownership houses and flats providing 88 bedrooms. Housing management services will be provided by Pinnacle.
Peter Merchant, investment director at Octopus Real Estate, said: “Our aim is to work with local stakeholders to accelerate the delivery of affordable homes, and we are pleased to have delivered our first homes in East Devon. We are looking forward to providing more homes across Devon with further local acquisitions to follow in the coming months.”
Georgia Kirby-Watt, operations director at NewArch Homes, added: “With Pinnacle’s expertise in housing management, we are confident that these new homes in Pinhoe will greatly benefit local families and contribute to the overall wellbeing of these communities. This is a pivotal step in our mission to deliver much-needed affordable housing solutions at pace across the UK.”
Dan Ledger, portfolio holder sustainable homes and communities at East Devon District Council, said: “The transfer of these new homes in Pinhoe represents a step towards meeting the increasing need for affordable housing in East Devon. By working in with Octopus and NewArch Homes, we are able to provide high-quality, sustainable homes that help to strengthen our communities. We are committed to continuing this progress and look forward to working with new and existing registered providers to deliver more projects like this in the future.”
