Acorn Property Group has completed the purchase of an eight-acre site close to Exeter city centre, on which it plans to develop a £50m housing-led scheme.
It acquired the site from the Exeter Royal Academy for Deaf Education, which is relocating to a new purpose-built campus in Exmouth.
Acorn has detailed planning permission for a development of 146 homes, a 61 bedroom care home and 68 assisted living units, which will be known as St Leonards. The existing St Leonards pre-school will remain on the site.
The scheme will comprise one and two bedroom apartments and three, four and five bedroom houses, 24% of which will be affordable.
Construction is expected to start on the St Leonards site in early 2020.
This is the first development for Acorn’s newly-opened Exeter office. The regeneration specialist also recently bought a 7.4-acre site in Chillington, south Devon where it is planning a sixty-five home scheme.
Ed Lewis, regional director, Acorn Exeter, said: “This is an opportunity to provide much-needed houses and apartments close to the city centre of Exeter as well as retaining the pre-school on site in brand new, purpose-built accommodation. In addition, this development will provide for a care home and assisted living apartments, public open space and on-site affordable housing.”