United Trust Bank funds £28.9m redevelopment near Padstow for Acorn Property Group
United Trust Bank (UTB) is funding the £28.9m redevelopment of a former hotel site being undertaken by the multi award-winning housebuilder, Acorn Property Group.
The development is situated in the sought after village of Constantine Bay, just 4 miles from Padstow in Cornwall. Following the 100% off plan sales success of the first phase, this second phase comprises 20 new apartments, duplexes and penthouses along with 8 detached houses on the site of the former Treglos Hotel which closed in 2019. All of the new homes will enjoy views of the stunning North Cornwall coastline.
Acorn first identified the potential for the site in 2015 and acquired an option for the purchase of the hotel on the basis that it would seek planning approval for its redevelopment when the owners decided to close the business.
Acorn is a highly successful development company founded in 1995. Today Acorn has five regional offices in London, Bristol, Cardiff, Exeter and Cornwall. Acorn has built an enviable reputation for identifying and acquiring sites in outstanding coastal locations and creating highly desirable contemporary homes. Over the last 11 years UTB has funded more than 15 schemes for Acorn with a combined GDV of well over half a billion pounds.
On this occasion UTB provided the funding for the acquisition of the site in 2020 and is providing a new £18.8m facility to refinance the original acquisition loan and provide the balance of funds required to build out the site and complete the sales.
The houses are due for completion in Summer 2022 and the apartments in 2023. However, such is the demand for high quality new homes in the area, 90% of the 28 units have already been reserved off-plan. This includes the largest 4 bedroom detached house on the development at a price of £1.75m.
Melanie Omirou, group managing director & funding director of Acorn Property Group, commented: “We have established a strong and successful relationship with UTB over the last ten years and I’m delighted to once again be working with Jonathan Nail and the UTB team in creating some beautiful homes on the Cornish coast. UTB understand exactly what we’re trying to achieve at Acorn and provide the support we need to help us realise those goals. Our track record of success with UTB is testament to the mutual respect and trust between us and I’m sure we will continue to create many more successful developments with UTB’s backing for several years to come.”
Jonathan Nail, director – property development, United Trust Bank commented: “Acorn Property Group are in a league of their own when it comes to creating highly desirable contemporary homes in the most sought after locations. They are a valued and trusted customer who always deliver the goods and it’s a joy to once again be working with Melanie and the professional team in bringing this project to life. The amount of interest shown in the development before a brick has even been laid shows just how good Acorn are at what they do.”