Maslow Capital Delivers £16m Loan to Transform Former Hotel California into Gannel Waterside Residences

Maslow Capital, a specialist in real estate finance, has finalised a £16m development facility for Acorn Property Group to support the transformation and refinancing of the former Hotel California in Pentire, Newquay. The project will convert the site into Gannel Waterside – an exclusive 24-unit residential scheme.

Situated on a prominent waterfront location that closed as a hotel in 2021, the site will be redeveloped to include 18 high-specification 2-bedroom apartments, 2 luxurious penthouses, and 4 semi-detached houses, offering panoramic views across Crantock Bay, the River Gannel estuary, and the lush surrounding landscape.

The homes will combine an exceptional blend of scenic beauty, innovative architecture, and a strong commitment to sustainability, setting a new standard for modern coastal living in Cornwall. Located in the sought-after area of Pentire, the development also benefits from easy 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. The transaction was introduced to Maslow Capital by Daniel O’Neil, Executive Director, Commercial Finance at SPF.

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.”