The property developer plans to build 65 new homes on the site, which will include three- and four-bedroom houses.
Of these properties, 35% will be affordable.
This is the second deal for Acorn’s new Exeter office and work on this latest project will start early next year.
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Ed Lewis, regional director at Acorn Exeter, said: “We were pleased to secure outline planning permission for this scheme earlier in the year and will be providing much-needed homes as soon as possible.
“We have worked very carefully with the local planners and community to make the most of the homes and the views of the beautiful local countryside.”