£5.7m Loan Increase For Award Winning Development

Zorin Finance is excited to announce a £5.1m development loan increase has been finalised on our award-winning residential development in the South Hams area of Devon, a sought after area of outstanding beauty.

The scheme is redeveloping a former RAF base and has already been praised in the 2023 Planning Awards for its plan to transform a contaminated wasteland into affordable housing and business opportunities and won the Michelmores Property Award for Masterplanning for the Future.

The increase will fund planning amendments which have enhanced the scheme. Key updates are include:

House type enhancements: improvements to internal floorplans and external elevations.
Revised house positioning: adjustments to optimise garden sizes, orientation, driveway space, access, and front garden landscaping for greater kerb appeal.

Increased development footprint: layout refinements have increased the total floorspace by approximately 2,400 sq. ft while retaining the original number of units.
Rationalised plot infrastructure: updates to garages, parking and landscaping have resulted in more generous garden sizes.
New house type: new design introduced, which includes a roof terrace as well as a generously sized garden.

Comprehensive landscaping plans: detailed plans now cover both on plot and public space landscaping across the site.
High quality material palette: a bespoke collection of materials has been curated to complement the street scene and reflect the character of the local area.

A severe lack of new-build development in the local area has created pent-up demand, and the improved high-specification design now provided with this increase has generated even higher local demand.

We are proud to continue supporting the borrower in delivering a well-received community and sustainability led scheme. The loan increase has enabled the borrower to further enhance the overall quality, functionality, and visual appeal of the development, addressing the local need for homes within the community.

George Cresswell

Lending Manager, Zorin