The long-awaited £20m-plus development by Red Earth will breathe new life into a derelict part of the town’s historic quayside with more than 100 new flats, a restaurant, six retail units, and a pop-up café.

The scheme will also deliver a riverside public square, green open space, and a new cycle and pedestrian route linking to the Tarka Trail. A surface-level car park will double as an outdoor events venue for residents and visitors.

The project, which overlooks the Torridge estuary, secured planning last year. Homes will be energy-efficient and powered by renewable technologies to cut future bills for residents.

Graham Kingdon, area director at Morgan Sindall, said: “The project will create a new burst of life for this North Devon community, all while paying tribute to the Wharf’s industrial roots.”

Simon Friend, director of Red Earth, added: “This milestone follows a thorough tendering process and marks a major step forward for the regeneration of this iconic riverside site.”

Morgan Sindall is now working with Red Earth through the preconstruction phase, with work on site due to start once design development is complete.