More than 80 new affordable homes in Torridge are being delivered with the help of investment through the Devon Pension Fund.
This investment, through Octopus Capital, is supporting the delivery of new affordable housing locally.
The scheme is delivering new homes in Northam and Bideford for social rent, affordable rent and shared ownership, helping to meet local housing need.
It forms part of a £40 million commitment through the Devon Pension Fund’s “local impact portfolio”, established in 2023/24 to support projects that benefit communities across the county, including helping to increase the supply of affordable housing.
The homes will be advertised through Devon Home Choice, prioritising people with a connection to the area.
Cllr Steve Lodge, Chair of the Devon Pension Fund Committee, said:
“We want our investments to deliver strong, stable returns for our members while also making a positive difference here in Devon. Supporting the delivery of affordable homes like these means we are investing in both the long-term future of the fund and the wellbeing of our communities.”
Councillor Rosie Dawson, Chair of Devon County Council, said:
“It’s great to see these new affordable homes being delivered in North Devon, helping to meet local need and support our communities. It’s particularly encouraging to see investment from the Devon Pension Fund making a difference locally, supporting schemes like this and benefiting people across the county.”
Ellie Vlavianou, Investment Director at Octopus Capital, said:
“These are two fantastic sites that will create real opportunities for people and families to put down roots in their local community. We’re very proud to be working with trusted partners to deliver high-quality, sustainable homes where they’re needed most. We’re also excited about the potential to grow our partnership with housebuilders in the region as we look forward to delivering more schemes like this across the country.”
Cllr Robin Julian, local county councillor for Bideford West and Hartland, said:
“These homes will make a real difference for local people who are struggling to find somewhere affordable to live. In Bideford, the delivery of new homes – including social rent, affordable rent and shared ownership – will help more people stay close to their families, jobs and support networks.”
Cllr Dermot McGeough, local county councillor for Northam, said:
“I am extremely pleased that the Devon Pension Fund has continued to support the delivery of the schemes and commitment of 80 dwellings within my Northam division, as I expressed the urgency of local needs provision being a priority.”
The homes are being delivered in partnership with Vistry, one of the UK’s largest housebuilders. The scheme has also received grant funding from Homes England, the government’s housing agency.
Construction is already underway, with all homes expected to be completed by summer 2027.