Cheyne Capital provides £100m loan for Oxfordshire regen scheme

Cheyne Capital has provided a £99.6m senior loan to Dorchester Living for a commercial and residential regeneration scheme on the site of a former US and RAF airbase in Oxfordshire. The Heyford Park scheme, which has been managed by Dorchester Living since 2009, has already delivered 1,200 homes, alongside community facilities and commercial spaces providing local employment opportunities. It also includes a range of amenities, including a school, tennis courts, a hotel and restaurant. Dorchester Living is preparing a new planning submission for 6,000 to 8,000 homes, including 30% affordable homes, assisted living homes and houses for key workers. The developer submitted a scoping request to Cherwell District Council in advance of preparing a planning application in August 2024. This is part of a wider masterplan that will include a new secondary school, three primary schools, a health hub, multiple community centres, sports facilities, green space and parkland. The loan will refinance existing facilities and provide additional funding towards the site masterplan and infrastructure improvements. Paul Silver, chief executive of Dorchester Living, said: “This is a major step for Heyford Park and a reflection of the long-term commitment we’ve made to the regeneration of this historic site. The new funding allows us to accelerate our investment in the infrastructure that supports a truly integrated community – one where homes, schools, employment and green space are delivered hand-in-hand. “Sustainability is central to our approach and our focus is on creating a well-connected, future-ready development that delivers long-term value for residents, the environment and the wider Oxfordshire area.” Scott Douglas, senior director and head of debt advisory at Centrus Advisors, which advised Dorchester Living, added: “The refinancing will facilitate the next phase of development at one of the most exciting regeneration projects in the UK, including the build out of critical infrastructure as the Dorchester Living team continue to deliver their masterplan including an additional 6,000-8,000 new homes.  “Cheyne is the perfect financier for Heyford Park and has adopted a flexible and holistic approach to structure a debt solution that aligns with the business plan and vision for the site over the medium-to-long term.”   Image © Dorchester Living