UTB funds £29m redevelopment in sought after coastal village

    Acorn Property Group
Loan Type
  • Development Finance
  • South West
  • 65%
Project type
    Redevelopment of former hotel site to 20 new apartments and 8 detached houses

United Trust Bank (UTB) is funding the construction of a contemporary £29m development of 20 new apartments and 8 detached houses close to Padstow in Cornwall.

Acorn Property Group is a multi award-winning house builder specialising in identifying and acquiring sites in outstanding coastal locations and creating highly desirable residential developments. Over the last decade UTB has funded more than 15 Acorn Property Group schemes with a combined GDV of well over half a billion pounds and they currently have several UTB development and sales period funding facilities in place.

On this occasion UTB provided the funding for the acquisition of the site in 2020 and is providing a new £18.8m facility to refinance the original acquisition loan and provide the balance of funds required to build out the site and complete the sales.

Melanie Omirou, Group Managing Director & Funding Director of Acorn Property Group, commented: “We have established a strong and successful relationship with UTB over the last ten years and I’m delighted to once again be working with UTB in creating some beautiful homes on the Cornish coast. UTB understand exactly what we’re trying to achieve at Acorn and provide the support we need to help us realise those goals.”