Principality Commercial has provided £1.38m in funding to support the first development delivered under Torbay Council’s new ‘Hotels to Homes’ regeneration scheme.
The finance supported the conversion of the former Brampton Court hotel in Torquay into 14 social housing units, all built to energy performance certificate (EPC) B standards for energy efficiency.
The development was a partnership between Brampton Ltd and Armada Property UK Ltd and has been sold to Torbay Council.
The scheme is part of the council’s plan to tackle housing demand and make use of hotels and B&Bs that are no longer in operation.
The model is now being considered by other councils facing similar issues across the UK.
Maria Elias (pictured, centre right), relationship manager at Principality Building Society, said: “This development demonstrates exactly how strategic regeneration can unlock the potential of under-used sites.
“By transforming a former hotel into sustainable, contemporary homes, we’re helping to boost much-welcomed housing supply and create options for local households in Torbay.
“As a responsible lender, we’re proud to support projects that deliver long term value to the community – socially and economically – for the areas we serve.”
Ben Coggins (pictured, far left), director of Bramcourt Ltd & Armada Property UK Ltd, said: “The funding provided by Principality Building Society played a pivotal role in the successful development of Brampton House – the UK’s first hotels-to-homes project.
“The collaborative approach from all parties involved in the funding process enabled the development to progress seamlessly, resulting in completion six months ahead of schedule.”
Councillor Alan Tyerman, Cabinet Member for Housing and Finance at Torbay Council, said: “It is fantastic to mark the completion of our first ‘Hotels to Homes’ scheme which has been the result of so much hard work, and I would like to thank everyone involved in helping us deliver these new homes for local people in Torbay.”
