A loan deal for almost £100 million has been secured which will help deliver up to 8,000 homes in Oxfordshire.
Alternative investment manager Cheyne Capital has announced it has provided £99.6m to Dorchester Living for 1,231-acre Heyford Park, the commercial and residential regeneration scheme on the site of the former RAF Heyford.
The scheme, which has been managed by Dorchester Living since 2009, has already delivered 1,200 homes, alongside community facilities and commercial spaces. Heyford Park School, tennis courts, a hotel, a restaurant, a pharmacy and a Sainsbury’s local are already open.
Now the developer is preparing a new planning submission for 6,000 to 8,000 homes (30 per cent affordable).
The wider masterplan will also include a new secondary school, three primary schools, a health hub, multiple community centres, extensive sports facilities, green space and parkland. It will create over 7,000 new jobs.
The loan will refinance existing financial provisions and provide additional funding towards the site masterplan and infrastructure improvements.
The scheme will be powered by renewable energy from wind and solar power and aspires to become the UK’s first energy-surplus town.
Paul Silver, chief executive for Dorchester Living, said: “This is a major step for Heyford Park and a reflection of the long-term commitment we’ve made to the regeneration of this historic site.
“The new funding allows us to accelerate our investment in the infrastructure that supports a truly integrated community – one where homes, schools, employment and green space are delivered hand in hand.
“Sustainability is central to our approach and our focus is on creating a well-connected, future-ready development that delivers long-term value for residents, the environment and the wider Oxfordshire area.”
Dorchester Living was advised by Centrus Advisors on the transaction.
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