Independent development and regneration firm Acorn Property Group has acquired 12 new sites in the UK with a gross development value (GDV) of £390 mln (€465 mln), with a view to providing 821 residential units in the south west of England.
The new sites will bring Acorn’s pipeline up to £1.2 bn, including 2,200 open market and affordable homes.
Said Melanie Omirou, executive group managing director: 'Although both Brexit and Covid-19 have caused all businesses great difficulties over the last few years, we’ve achieved record sales completions in 2021.
'To help meet future demand we’ve been on a major residential site acquisition and development drive, with £390 mln (GDV) of new schemes now in the pipeline providing 821 new homes.
'This is in addition to numerous other schemes in the pipeline, a number of which are already in the process of obtaining planning.'
Part of the development drive are Acorn’s two latest acquisitions in Wiltshire that will deliver homes with a combined completed value of some £30 mln (GDV).
One site in the village of Urchfont has planning permission for 13 new homes; the second, a site on the edge of the Cotswolds village of Sherston will, subject to planning, see Acorn build up to 45 detached homes plus a new doctors’ surgery, and the potential to extend the local school.
Acorn’s existing South West development pipeline of residential-led developments coming to market in the next 12-18 months includes schemes in Exmouth, Exeter, Barnstaple, Bruton, Chillington, Frome and Wedmore. The projects range in size from 17 units to over 200 units. This summer Acorn will be launching Rolle Gardens in Exmouth and St Leonards Quarter in Exeter.
Acorn also has a wide range of further sites in the South West at various stages of the planning process including sites in Cornwall, Devon, Somerset, Bristol and the Cotswolds, and are actively engaged in negotiations on further sites across South West and South Wales.
The firm said it was undertaking the new developments as a result of record sales success and completions in 2021. Last year the company logged some £158.85 mln of sales completions with 281 homes sold; up 267.6% on the 105 completions (£64.4 mln) in 2020.
Acorn highlighted that the Covid-19 pandemic has resulted in a 'race for space' in the property market with buyers placing greater value on homes with outside space in suburban, rural and coastal locations where they can enjoy a healthy life and lifestyle.
This has resulted in a major shift in buyers moving to homes in South West England that provide outside space, particularly houses with private gardens.
