Zorin Finance has successfully finalised a £25 million loan for a residential project located on the grounds of an erstwhile Royal Air Force base in the South Hams district of Devon. The venture is set to deliver 98 homes across seven stages, featuring a blend of 68 private residences and 30 affordable housing units. Additionally, the development will include community amenities, commercial spaces, and nine self-build plots, with an extra parcel of land being handed over to the Community Land Trust to facilitate the creation of 18 more units.

The residential scheme is meticulously planned to ensure each home boasts both front and rear gardens, alongside at least one designated parking space or a garage. To foster a sense of community and enhance residents’ quality of life, the development will also feature a range of communal facilities. These include a children’s play area, community allotments, walking trails, and a dedicated car park.

Positioned at the development’s entrance, the commercial segment is poised to accommodate a variety of uses, such as a local convenience store and a café, adding to the site’s appeal and convenience for future residents.

A notable aspect of the scheme is its restriction to primary occupancy, ensuring the homes serve the local population directly. Furthermore, nearly half of the project (46%) is allocated as affordable housing, underlining the initiative’s commitment to providing accessible housing options.

Richard Gosden, partner and head of risk at Zorin, expressed enthusiasm for the project, highlighting its potential to address the pressing need for affordable housing in the region. “Zorin is extremely pleased to support a new borrower on a development that not only revitalizes 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,” he stated.

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.