Construction starts on £60m Exeter development

Construction is underway on the former site of the St Loye’s Foundation in Exeter, following a multi million pound investment from Renaissance Villages Ltd, a specialist developer of age exclusive villages, and Helical Bar plc, which is set to create up to 160 local jobs.

Millbrook Village will comprise a selection of luxury cottages and apartments for the over 55s, as well as a residents’ clubhouse featuring a restaurant, bar and swimming pool. The total investment, including the land purchase, professional fees, build costs and the marketing of Millbrook Village, is set to reach £60 million, making it a landmark residential development for Exeter.

Balfour Beatty is now underway with phase one of the development, which includes a selection of cottages and apartments, the clubhouse and staff accommodation. A quarter of homes from the first phase have already been reserved and the first residents are expected to move in during summer 2014.

The prime site, which lies between Topsham Road and the River Exe, around 1.5 miles from Exeter city centre, has been unused since the St Loye’s Foundation relocated in 2008. It is estimated that Millbrook Village will create 40 local jobs, as the ongoing management of the complex will require housekeeping, reception, maintenance, gardening and management staff. It is also anticipated that the construction phase of the project will create up to 120 additional jobs, bringing the total jobs figure to 160.

“It’s great to be able to get underway with the construction of what is a major long-term investment for us,” said Iwan Jones, managing director of Renaissance Villages, which recently re-branded from its former name of Urban Renaissance Villages and has won several national awards for its Bramshott Place Village in Liphook, Hampshire. “Exeter is the third of our luxury villages and we’re very confident in the location and strength of the local property market in what is an improving but challenging economic climate. We chose to invest in this site because we believe that our high specification properties, combined with private country club style facilities and services, is a unique concept for the city.

“It’s important to us to build teams of local experts in each of our village locations and Exeter is no different, with property agents Wilkinson Grant & Company, communications agency Absolute PR & Marketing, signage company GK Signs, landscaping company County Grounds Maintenance and regional employer Balfour Beatty all being local to name a few. We will also be recruiting locally for village staff later this year.”

Properties are available to buy off-plan, with prices starting from £340,000. The on-site marketing suite is now open every day from 10am to 5pm and can be reached on 01392 275335.