Octopus completes affordable homes transfer

The transfer of 44 affordable homes to NewArch Homes, a registered provider of social housing owned by the Octopus Affordable Housing Fund, has been finalised.

Located in Pinhoe, East Devon, the Bloor Homes new build development features a mix of 30 affordable rent and 14 shared ownership houses and flats.

The 44 properties – an even split of 22 houses and 22 flats – have a total of 88 bedrooms, accommodating up to 154 residents.

Housing management services will be provided by Pinnacle.

The investment by the Octopus Affordable Housing Strategy aims to accelerate the delivery of quality, affordable homes in the UK. This scheme is the fund’s first investment in Devon and the South West of England.

By both funding the construction of new housing and making strategic acquisitions of high-quality existing stock, the strategy works to increase the total capital available for the supply of affordable housing.

Peter Merchant, investment director at Octopus Real Estate, said: “Our aim is to work with local stakeholders to accelerate the delivery of affordable homes, and we are pleased to have delivered our first homes in East Devon. We are looking forward to providing more homes across Devon with further local acquisitions to follow in the coming months.”