United Trust Bank refinances £34m luxury seafront development in Falmouth, Cornwall.

United Trust Bank (UTB) has agreed to refinance a development of 53 luxury apartments being undertaken by multi-award winning housebuilders Acorn Property Group.

The Liner, in Falmouth, by Acorn Blue, bears all the hallmarks of a successful Acorn development combining an exceptional coastal location with stunning contempory design. With construction of the development well underway, Acorn has already secured reservations on 30 of the luxury apartments and have pre-let the ground floor commercial space to a well known grocery retailer. Completion of the development is due to take place by January 2021.

The apartments, which enjoy views over picturesque Gyllyngvase Beach, range in price from £325,000 for a 1 bedroom apartment to £1.6m for a 3 bedroom duplex penthouse apartment.

United Trust Bank have a longstanding relationship with Acorn Property Group having funded several of their previous developments including most recently The Dunes in Perranporth, Cornwall and The Rest in Porthcawl, Wales. On this occasion United Trust Bank is providing a circa £22m development loan to settle the original funding and provide the £4m required to complete the largely internal construction works remaining.

Acorn Property Group is a highly successful development company founded in 1995 by Romy Summerskill. Today Acorn Property Group has five regional offices in London, Bristol, Cardiff, Exeter and Cornwall, the last being the home of Acorn Blue.

Melanie Omirou, Group Managing Director & Funding Director of Acorn Property Group, commented: “We enjoy working with Jonathan and United Trust Bank and value the strong relationship we’ve established over the years. UTB understand property and our needs as borrowers and when we were looking to refinance the development, Jonathan was the first person I called. Despite the additional challenges and uncertainty presented by the Covid-19 restrictions, UTB came back to us with a quick decision and swiftly arranged to settle the existing finance and pay out what we needed to complete the scheme.”

Jonathan Nail, Director – Property Development, United Trust Bank commented: “Acorn Blue have established an unrivalled reputation for delivering exceptional  homes in the most outstanding coastal locations. Having financed several of their successful developments over recent years we were very happy to step in when they decided to refinance The Liner and are delighted that UTB will be on board for the completion of this prestigious development.”