Principality Commercial, the commercial arm of Wales’ biggest building society, has provided £1.38m in funding to support the first development delivered under Torbay Council’s new ‘Hotels to Homes’ regeneration scheme.
The inaugural project is a partnership between Brampton Ltd and Armada Property UK Ltd, which has been sold to Torbay Council. It has repurposed the former Brampton Court hotel in Torquay, into 14 modern units, offering social housing opportunities for households with a local connection to Torbay. All units have been built to high sustainability standards with an EPC rating of B to ensure long-term energy efficiency.
The ‘Hotels to Homes’ scheme is a key element of Torbay Council’s strategy to address the growing demand for housing and the increasing number of hotels and B&Bs falling out of use. The local authority plans to convert these buildings to increase the housing supply while supporting wider community enrichment and sustainable development.
The initiative is being considered as a replicable model for neighbouring authorities and councils across the UK facing similar challenges of housing scarcity and a deteriorating hospitality sector.
Commenting on the new development, Maria Elias – 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.”
The sole funder of the project, Principality Commercial lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.
Ben Coggins, 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.”
Cllr Alan Tyerman, Torbay Council’s Cabinet Member for Housing and Finance, 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.”