Maslow Capital completed a €19.2m development facility for Acorn Property Group, supporting the refinancing and redevelopment of the former Hotel California in Pentire, Newquay, into Gannel Waterside – an exclusive 24-unit residential scheme.
The landmark waterfront site, which ceased operating as a hotel in 2021, will be redeveloped into 18 high-specification 2-bedroom apartments, 2 luxurious penthouses, and 4 semi-detached houses, featuring views of Crantock Bay, the River Gannel estuary, and the surrounding countryside.
The new homes offer an exceptional blend of scenic beauty, innovative architecture, and a strong commitment to sustainability, set to redefine contemporary coastal living in Cornwall. Pentire’s prime location also provides convenient access to nearby towns and surrounding beaches, making it an ideal destination for both tranquil retreats and active pursuits.
The facility was structured by Maslow Capital’s Development Finance team, led by Emma Burke, Managing Director (UK & Europe), alongside Associate Alexandra Gibney.
Emma Burke, Managing Director of Development Finance (UK & Europe) at Maslow Capital said:
“Acorn’s vision will breathe new life into a disused landmark, delivering much-needed homes in one of Cornwall’s most desirable coastal locations. We are pleased to have structured a bespoke financing solution that supports Acorn’s ambition, reaffirming Maslow Capital’s commitment to high-quality schemes in under-supplied markets”
Melanie Omirou, Executive Group Managing Director at Acorn Property Group said:
“We are proud to be transforming this former hotel site and delivering 24 exceptional new homes in such a prime location overlooking the River Gannel. Maslow’s collaborative, solutions-led approach gives us the confidence to bring these high-quality homes at Gannel Waterside to life.”
Daniel O’Neil, Executive Director at SPF said:
“When we set out to secure a funding partner who could grasp the complexities of coastal redevelopment and flexibly structure finance for a premium, design-led scheme, Maslow Capital proved the natural choice. Their broad product range, dependable track record in both bridging and development finance, and collaborative approach have ensured the facility aligns precisely with the project’s ambitions.”
