Octopus Real Estate completes transfer of 44 affordable homes in Pinhoe, Exeter

By Bridging Loan Directory 18th March 2025

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

22 of the homes are now tenanted, with residents moving in from January 2025. 11 further homes will be ready for occupation at the end of March, with the final 11 homes forecasted handover between October 2025 and February 2026.

Housing management services will be provided by Pinnacle, who will deliver a full complement of housing management services, ranging from tenant on-boarding, tenancy management, building compliance, defect management, maintenance, and void management.

Today’s announcement is another important investment by the Octopus Affordable Housing Strategy, which aims to accelerate the much-needed 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.”

Georgia Kirby-Watt, Operations Director at NewArch Homes, added:

“With Pinnacle’s expertise in housing management, we are confident that these new homes in Pinhoe will greatly benefit local families and contribute to the overall wellbeing of these communities.

This is a pivotal step in our mission to deliver much-needed affordable housing solutions at pace across the UK.”

Councillor Dan Ledger, Portfolio Holder Sustainable Homes and Communities, East Devon District Council, said:

“The transfer of these new homes in Pinhoe represents a step towards meeting the increasing need for affordable housing in East Devon.

By working in with Octopus and NewArch Homes, we are able to provide high-quality, sustainable homes that help to strengthen our communities.

We are committed to continuing this progress and look forward to working with new and existing registered providers to deliver more projects like this in the future.”

This acquisition represents an exciting expansion into a new area of operation for NewArch and the Fund, laying the groundwork for a strategic presence in this key region.

This deal represents a significant step in Octopus’s strategy to collaborate with leading housebuilders and local authorities to tackle the UK’s housing needs.

By partnering with developer Bloor Homes and working closely with East Devon Council, Octopus is demonstrating its commitment to unlocking capital to address housing challenges at a local level.

This announcement follows news of Maidstone-based Golding Homes finalising the transfer of 180 affordable homes to NewArch Homes last year.