LendInvest Mortgages has provided a £10.975 million development loan to support the transformation of a former college site in Caerleon into 48 high-quality private apartments.

The funding package will enable the conversion and refurbishment of three Grade II listed buildings in the heart of the historic Welsh town.

The development, being delivered by Acorn Property Group, a long-standing borrower of LendInvest, will convert the former college building – famously featured in the Netflix series Sex Education – along with the principal’s house and a caretaker’s lodge. Once complete, the scheme will comprise 44 apartments within the main building and four further homes within the two lodges.

The loan from LendInvest includes both a land facility and a construction loan, structured to support the entire project lifecycle. It is the latest in a series of collaborations between the lender and Acorn, who has built a reputation for sympathetic and design-led urban regeneration schemes across the UK.

Steve Larkin, managing director for development at LendInvest, said the project reflected the company’s commitment to backing experienced developers with a track record of delivering housing in sought-after locations.

“This development is a prime example of urban regeneration, breathing new life into a landmark building and creating much-needed housing in a fantastic location,” he said. “We are pleased to be continuing our partnership with Acorn Property Group and we’re looking forward to seeing the progress on this ambitious project.”

Melanie Omirou, group managing director at Acorn Property Group, said the scheme – named Tempus at Parc y Coleg – offers a rare opportunity to revitalise a heritage site while bringing modern living to the centre of Caerleon.

“We are delighted to be working once again with LendInvest on this exciting and sensitive redevelopment,” she said. “This scheme is a perfect example of Acorn’s ‘Different by Design’ ethos – transforming character buildings into beautiful, sustainable homes.”

Daniel O’Neil, executive director at SPF Private Clients, added that LendInvest’s ability to tailor funding solutions made them the right partner for the project.

“Their flexible approach, quick turnaround and deep understanding of the borrower’s specific funding requirements made them the right fit for this project,” he said. “Always a smooth process with Steve and the team.”