Acorn Property Group has secured a £23.2 million finance package from Paragon Development Finance to support the development of its St Leonards Quarter scheme in Exeter.

The finance will assist with the Phase 1 development of 37 one and two-bed apartments and 28 two to five-bed houses.

The development is located within the popular St Leonards area of the city, which is close to independent restaurants and shops, as well as the River Exe.

Acorn Property Group acquired the site from the Exeter Royal Academy for Deaf Education in 2018.The Phase 1 development is expected to be complete by Summer 2023.

The funding represents Paragon Development Finance’s 11th project with Acorn. The deal was led on behalf of the bank by Relationship Director Nigel Jackson, with support from Senior Portfolio Manager James Helmore.

Acorn is an independent development and regeneration specialist that has for over 25 years successfully created a range of residential-led refurbishment and new build schemes across London, the South West of England and Wales.

Melanie Omirou, Executive Group Managing Director and Funding Director, Acorn Property Group, said: “This is an opportunity to provide much-needed high quality houses and apartments along with public open space and affordable housing within easy reach of Exeter city centre.”

She added: “We have worked with Paragon for a number of years and enjoy a strong relationship with the team. They fully understand the requirements of our business and also have a deep understanding of the market in the South West of England.”

Paragon Development Finance Relationship Director Nigel Jackson said: “We are delighted to be working with Acorn again on their latest scheme in the south west. Exeter is a thriving city with an excellent university, thriving nightlife and natural beauty. It has become a hot destination for people to live, work and study and we expect these much-needed new homes to be popular with buyers.”

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746
 

Notes to editors: Paragon Bank provides competitive property development finance up to the value of £35 million across England and Wales. Paragon Bank Development Finance Limited is a member of the Paragon Banking Group which is a FTSE 250 group based in Solihull in the West Midlands.

Established in 1985, Paragon Banking Group has over £12 billion of assets under management and manages over 450,000 customer accounts. Paragon Development Finance Limited. Registered in England number 03901943. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ.