Eutopia Homes and, joint venture partner, the Housing Growth Partnership (“HGP”) are excited to announce the successful closing of a £10 million development funding facility with Newstead and the signing of a major build contract with Living Heritage. This milestone signals the commencement of an innovative and sustainable residential development project in Exeter, set to redefine urban living, and exemplify Eutopia Homes’ commitment to environmental and social responsibility.
The project, located in Exeter, will deliver 51 units for rent, marking a significant contribution to the city’s housing market and enhancing the quality of living for its residents. With enabling works already underway, main construction works are set to commence in August 2023, with the build completion date anticipated for early 2025.
One of the distinctive features of this development is the inclusion of 10 ‘Affordable Private Rental’ units specially designated for key workers in the city. This initiative will not only address the pressing need for housing among key workers but also represent a first-of-its-kind project for Exeter.
Moreover, Eutopia Homes and Newstead Capitals partnership provides for an ESG (Environmental, Social, and Governance) discount on the interest rates, thanks to the project’s high level of green initiatives. As part of its commitment to sustainability, the development will be car-free and instead feature a car club and electric charging points, accompanied by substantial provisions for cycling infrastructure. Additionally, Exeter and Devon County Council will benefit from financial contributions towards a new cycle highway.
Utilizing modern methods of construction, Eutopia Homes will work in collaboration with Living Heritage to reduce waste and improve delivery efficiency. The project will integrate lightweight gauge steel (LGS) with off-site production, significantly enhancing the development’s ESG performance and minimizing environmental impact.
The development’s dedication to renewable energy sources is further emphasized by the integration of solar panels on the roof, promoting cleaner and greener living for its future residents.
Eutopia Homes and “HGP” are looking forward to collaborating with Living Heritage and Newstead Capital. The project’s ground-breaking approach and unwavering commitment to sustainability exemplify Eutopia Homes’ vision of a better, greener future for Exeter.
Quotes:
Scott Hammond, CEO of Eutopia Homes said “we are delighted to close out the funding and award the construction contract in what is a challenging market for delivery of much needed housing. We believe the demand for a purpose-built rental product which has been designed with residents’ interests from the outset will be well received. Our introduction of the affordable market rental product for key workers in the city will help towards meeting this pressing need. Working with the Housing Growth Partnership and Newstead Capital has allowed us to bring forward the funding for the delivery of the project with strong ESG credentials”.
Furthermore, Scott believes the challenges faced by the construction industry have led to innovation which has been driven by Living Heritage’s appointment as principal contractor; “Given the challenging market conditions faced by contractors at the moment, the ability to innovate is seen as a key driver for ensuring delivery. Living Heritage have worked in a collaborative way over the pre-construction and enabling works period to reach this milestone event. This has been particularly evident in utilising LGS as part of the design and delivery process, and we look forward to working with them over the construction period”.
John McKeon, Investment Director of HGP, commented “It is very pleasing to reach another important milestone in the delivery of this exciting project with Eutopia Homes. The scheme will bring forward much needed new rental stock in Exeter and will be integral in the transformation of the Exmouth Junction area. We are particularly excited to be supporting such a high quality and sustainable development which responds to the ambition of Exeter City Council to be net zero by 2030. We very much look forward to working alongside Living Heritage and Newstead and seeing the development of the site over the coming months”.
Simon Champ, CEO, Newstead Capital comments; “We are delighted to be working with Eutopia Homes in Exeter. By providing them with £ 10m of senior debt funding we are excited they are able to deliver 51 high-quality, efficient and affordable homes. Newstead Capital aims to work with SME developers, like Eutopia, up and down the country, contributing vital capital to the redevelopment of our towns and cities and building much needed homes for our growing population in a sustainable way”.
Nick Liddell Managing Director of Living Heritage said; ”We are delighted to have been selected as the delivery partner on this prestigious development and ground breaking project, and look forward to working with Eutopia Homes. Our collaborative approach through the pre-contract stages has assisted in developing and enhancing the scheme viability for our client, whilst also resolving a number of technical issues that have arisen during the detailed design. We look forward to working with Eutopia on further projects in the future”.
