"This development is a prime example of urban regeneration, breathing new life into a landmark building and creating much-needed housing in a fantastic location"
- Steve Larkin - LendInvest
LendInvest Mortgages has provided a £10.975 million development loan to support the conversion of a former college site in the historic town of Caerleon, Wales, into 48 private apartments.
The funding, issued to Acorn Property Group, will support the transformation of three Grade II listed buildings: the former college building, a principal’s house, and a caretaker’s lodge. The scheme will deliver 44 apartments within the main college building and four further units in the two smaller lodges.
The site is known locally for its appearance in the Netflix series Sex Education, where the main college building featured prominently.
The loan, made up of both a land loan and a construction facility, marks a continuation of LendInvest’s ongoing relationship with Acorn Property Group, a repeat borrower with a portfolio of completed residential developments.
“This development is a prime example of urban regeneration, breathing new life into a landmark building and creating much-needed housing in a fantastic location,” said Steve Larkin, managing director for development at LendInvest. “We are pleased to be continuing our partnership with Acorn Property Group and we’re looking forward to seeing the progress on this ambitious project.
"Our ongoing relationship with Acorn underscores our commitment to supporting experienced developers who consistently deliver high-quality housing opportunities across the UK.”
Melanie Omirou, group managing director at Acorn Property Group, explained: “We are delighted to be working once again with LendInvest on this exciting and sensitive redevelopment. Tempus at Parc y Coleg is a unique opportunity to revitalise a much-loved historic site, bringing elegant and contemporary living to the heart of Caerleon while preserving its architectural heritage. This scheme is a perfect example of Acorn’s ‘Different by Design’ ethos, transforming character building into beautiful, sustainable homes.”
The funding process was supported by SPF Private Clients, with Daniel O’Neil, executive director, commenting: “Great to work with LendInvest on funding this latest Acorn Property Group deal. Their flexible approach, quick turnaround and deep understanding of the borrower’s specific funding requirements made them the right fit for this project. Always a smooth process with Steve and the team.”
The development, named Tempus at Parc y Coleg, is positioned to provide high-quality housing within a setting of historical significance. The project aims to preserve the site’s character while introducing contemporary residential living to the area.
