Stephens + Stephens has secured a £16.6 million funding package from Paragon Development Finance to support its One Pentire scheme.

One Pentire is a development of 74 luxury apartments on the site of the Fistral Bay Hotel in Newquay.

The funding package has supported the acquisition of the site and will assist with the development costs of the scheme. It is the fifth Stephens + Stephens’ project Paragon Development Finance has supported. The deal was led on behalf of Paragon by Relationship Director Oliver Thompson.

Fistral Bay Hotel, which opened in 1910, last closed its doors 15 years ago and had fallen into a significant state of disrepair.

Demolition of the hotel started last month and the company aims to complete the five-storey development by the end of 2022. It will include nine penthouses and 65 one, two and three-bed apartments, as well as underground parking for all apartments with lift access to each floor, and space for a wine bar and café-deli on the ground floor.

Stephens + Stephens was founded by husband and wife team Helen and Paul Stephens and specialise in new builds and refurbishments across Cornwall and the south west.

Stephens + Stephens creative director, Helen Stephens, said: “We are so excited to have taken on the iconic One Pentire development and to be able to optimise this important location for both the residents of Newquay and the new owners of our coastal, design life and style-driven Cornish apartments.

“Paragon Development Finance remains a close partner of Stephens + Stephens and I’m delighted that the team has supported this exciting project.”

“We enjoy a strong relationship with Oli Thompson and the team at Paragon; they understand our business and our requirements and are able to act quickly and efficiently.”