Octopus Capital, a leading UK specialist real estate investor, has agreed a forward funding deal to support the delivery of 82 new affordable homes across Northam and Bideford in North Devon. The investment was made through the Octopus Affordable Housing Fund (OAHF).

The scheme has also received vital grant funding from Homes England, the government’s housing agency. This funding means all 82 homes will be delivered as affordable housing, converting properties that would have been for private sale into a mix of social rent, affordable rent, and shared ownership.

The homes are being delivered in partnership with Vistry, one of the UK’s largest housebuilders. This deal is part of a wider pipeline between the two parties, as they look to develop a longer-term investment framework to fund the delivery of more affordable homes nationally.

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The scheme comprises 238 beds across the 82 high-quality, energy-efficient homes, which range from two to four bedrooms. A key feature is their high sustainability standard: all homes will meet EPC B and be fossil fuel-free, with energy provided through air source heat pumps.

Octopus Capital will work with Torridge District Council to advertise the rented homes through Devon Home Choice, the platform used to allocate social housing. This ensures priority will be given to applicants with a connection to the area, directly supporting the needs of the North Devon community.

NewArch, the Octopus-owned registered provider of social housing, will be the long-term landlord, with housing management provided by Pinnacle. Construction is already underway, with the first homes due to complete in Spring 2026 and the final homes expected by Summer 2027.

Claire Hodson, Deputy Leader of Torridge District Council, welcomed the news, noting the critical need for housing with around 1,400 households on the housing needs register and up to 50 bids for each new affordable home in the area.