£300m deal to bring 820 new homes to North Devon

A £300m joint venture between housing association LiveWest and developer Lovell will see the construction of up to 820 new homes in North Devon over the next decade. 

The development, set on a 135-acre site on the outskirts of Barnstaple, is said to help address the region's housing shortage while transforming the local community.

The deal, which was advised on by law firm Trowers & Hamlins, marks the first collaboration between LiveWest and Lovell, bringing together two players in housing development. 

The site, which has already secured outline planning permission, will not only provide a number of affordable homes but also deliver key community infrastructure, including a new primary school, neighbourhood hub, and employment spaces. 

Additionally, 27 hectares of open space will be created for local residents.

Lovell, part of FTSE 250 construction giant Morgan Sindall, has committed to delivering at least 324 affordable homes as part of the project, with a significant proportion exceeding the required planning targets. 

The development is expected to have a lasting impact on the region, offering much-needed homes and revitalising the local area.

Simon Hawketts, Director at LiveWest, said: “Our exciting partnership with Lovell in North Devon will provide a fantastic opportunity for local people to access great affordable housing over the next 10 years. We are proud to play our part in meeting the housing crisis and in making lasting change in providing a home for everyone.”

Jack Frier, Real Estate Partner at Trowers & Hamlins, which advised on all aspects of the deal, commented: "We are passionate about the creation of much needed homes and to have been involved in creating the first partnership between two of our key clients in the region is fantastic. This transaction ultimately involved 15 separate principals and this alone required patience and pragmatism on all sides – it’s a brilliant result and we look forward to seeing the project come to life."

The development is said to create long-term benefits for the community, offering educational opportunities, employment space, and new public areas for residents to enjoy.