Two prominent housing providers have unveiled plans for a substantial housing project near Newport.

Captiva Homes and Sovereign Network Group are gearing up to transform Acorn Farm, located on Horsebridge Hill near St Mary’s Hospital, into a haven of affordable living. The ambitious project is set to feature 203 properties in total, comprising 72 flats designated for key workers and 131 homes for the wider market.

With Sovereign close to securing a £30 million fund, both companies are optimistic about designating the 131 homes as ‘affordable’. This potential boost would result in a mix of socially rented properties and shared ownership opportunities.

The timeline for the project is promising, with the first batch of properties anticipated to be ready within the next two years. However, the funding’s release hinges on obtaining planning permission and finalising the contract. Despite these conditions, Captiva has indicated that the housing association has the board’s nod for the funding.

Recognising the acute shortage of budget-friendly homes on the Isle of Wight, Sovereign has taken the pledge to craft more sustainable housing solutions. Jenny Grote, Sovereign’s Assistant Director of New Business Growth, expressed confidence in the joint venture with Captiva, stating that the collaborative effort would result in the much-needed blend of affordable housing.

Iain Delaney, Captiva’s Chief Executive, echoed the sentiment, highlighting the potential of the development to significantly boost the provision of affordable, energy-efficient homes for the residents of the island.

Tuned into the needs of the local community, Captiva’s blueprint includes the addition of a play park. Furthermore, the proposed homes will vary in size and tenure, ensuring a wide accessibility range for Islanders. In a bid to promote sustainable commuting, Captiva has also joined forces with the adjacent Isle of Wight NHS Trust to establish a cycling and walking pathway. This new route will bridge Horsebridge Hill to Dodnor Lane, seamlessly connecting to the Newport-Cowes cycle path.

Feedback is vital for the project’s success, and Captiva welcomes residents’ insights on the Acorn Farm development. Interested parties can share their views via the dedicated consultation page on their website: acornfarmnewport.co.uk. For a detailed look at the project, the plans, labelled 23/01538/FUL, are available on the Isle of Wight Council’s planning register, with the comment submission window open until November 3.