Real estate investor Octopus Capital has bought a 150-home development from housebuilder Allison Homes in Landkey, north Devon, for an undisclosed sum.
The deal is Octopus Capital's first whole-site purchase through the Octopus Affordable Housing Fund (OAHF), which has supported the development of more than 1,000 affordable homes since its launch in 2023. It is also OAHF's first scheme directly backed by funding from Homes England.
Jack Burnham, head of affordable housing at Octopus Capital, said: "This deal reflects the scale and pace we're now able to bring to tackling the UK's affordable housing shortage, and we're pleased to be working with Allison Homes South West to deliver them to the local community."
The new homes at Landkey will be 100% affordable, with a mix of properties available for social rent, affordable rent and shared ownership. They are expected to achieve EPC 'B' ratings, and the wider development will include circa six hectares of green space.
James Morgan, land and partnerships director at Allison Homes South West, said: "Once this deal with Octopus Capital is complete, 150 new affordable homes will be provided to the community – a small step forward towards alleviating the housing crisis affecting Devon and beyond."
Allison Homes was recently granted planning permission for 70 new homes in Congresbury, North Somerset. At the end of last year the firm secured a £31m loan for a development in Bristol.
Octopus Capital Acquires Allison Homes’ 150-Home Devon Scheme