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Eutopia Homes Secures £18.9M Funding Facility with Ingenious Group and Seals Build Contract with Living Heritage for Exeter Development.

Eutopia Homes, in conjunction with joint venture partner Housing Growth Partnership (HGP), proudly announces the successful closure of an £18.9 million development funding facility with Ingenious Group. Simultaneously, the company has signed a pivotal build contract with Living Heritage. This significant milestone underscores Eutopia Homes’ commitment to delivering essential housing solutions in Exeter.

Located in Exeter, the forthcoming project aims to bring 92 residential units to fruition, contributing substantially to the city’s housing market and enriching the standard of living for its residents. With enabling works already underway, the primary construction phase is scheduled to commence in March 2024, aiming for completion by late 2025.

An integral aspect of this development is the incorporation of 18 ‘Affordable Private Rental’ units, tailored specifically for the city’s key workers. This innovative initiative not only addresses the acute housing demand among essential personnel but also represents a pioneering venture for Exeter.

Distinguished by its sustainable ethos, the development will showcase a car club, electric charging points, and substantial cycling infrastructure. Moreover, the project includes financial contributions to support the establishment of a new cycle highway, reinforcing Eutopia Homes’ commitment to fostering sustainable communities.

Employing modern construction methodologies, Eutopia Homes will collaborate closely with Living Heritage to reduce waste and streamline delivery efficiency. The implementation of lightweight gauge steel (LGS) combined with off-site production will significantly enhance the project’s Environmental, Social, and Governance (ESG) performance, while minimizing its ecological footprint.
Further emphasizing its dedication to renewable energy sources, the development will integrate solar panels on the roof and air source heat pumps, promoting cleaner and greener living for future residents.

Scott Hammond, CEO of Eutopia Homes, stated, “We are delighted to close the funding and award the construction contract for our second Exeter scheme. This purpose-built rental product, designed with residents’ interests in mind, aligns perfectly with our vision. Our inclusion of affordable market rental units for key workers underscores our commitment to addressing pressing needs in the city.”

John McKeon, Investment Director of HGP, shared his excitement, stating, “We are thrilled to reach this milestone with Eutopia Homes. This project will bring much-needed new rental stock to Exeter, transforming the Exmouth Junction area. Our support for this high-quality and sustainable development resonates with Exeter City Council’s ambition to achieve net-zero emissions by 2030.”

Tom Brown, MD of Ingenious Group, commented, “We are delighted to collaborate with Eutopia Homes in Exeter. By providing £18.9m of senior debt funding, we are excited to witness the delivery of 92 high-quality, efficient, and affordable homes.”

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