Development Funding News:- Ambitious plans to build a swathe of new housing across Exeter and the surrounding area by 2040 has won Government support.
The housing minister, Kit Malthouse, announced the new garden community would provide homes for families in vibrant new communities as part of a deal for the South West.
“We are making an urgent push to build more, better, faster, and it is good to see the authorities working together to plan 20,000 much-needed properties built in Devon.
“This project is the next latest step towards meeting our aim of building 300,000 homes a year by the mid-2020s, in the areas where people need them the most,” he said.
The Government is offering £750,000 to fund dedicated project teams, master planning work, and studies to anticipate and offset the impact of housing growth in the area.
Exeter city council, East Devon council and Teignbridge district council are working together on plans for the scheme.
Garden towns offer a holistic approach
Garden communities are designed to offer chances to grow food, develop and enhance the natural environment harnessing energy positive technology to deliver zero carbon homes. Transport is integrated with walking, cycle paths and easy access to public transport.
The Exeter garden community will join 28 existing garden communities the Government is currently supporting, which are already delivering new homes.
In March the Government announced £3.7 bn to fast track specialist survey and planning work for building 64,000 new homes in five garden towns across England. These included developments in Berkshire, Hertfordshire, Essex, Gloucestershire, and Staffordshire.
Development Funding – HZA
Finance advisors Hank Zarihs Associates said SME developers were keen to be involved in such schemes where specialist lenders were likely to offer competitive non-status bridging loans/construction loans and property development funding.
Exeter University, the Science Park and research centers in agriculture and health are making the area a growing hotspot for innovation. Economic studies have shown Exeter needs to retain people aged 25 to 39 years of age as they are considered to be the biggest driver of the enterprise. The proposed plans for new housing over the next two decades will help deliver more affordable housing for that age group.
