The Scottish National Investment Bank has provided a £ 3million loan to finance the construction of 25 homes on an abandoned site in Nitshill in Glasgow for sale to local social housing tenants and first-time buyers.
He said his loan “stipulates that the homes in Station Wynd’s development must first be offered to the local population, providing them with an affordable opportunity to access the property ladder while remaining in their community.”
The taxpayer-funded Scottish National Investment Bank said the funding agreement aligns with its “mission to invest in places and regeneration to reduce inequalities and improve opportunities and outcomes for people. people and communities “.
He noted that the Wynd Station site, immediately adjacent to Nitshill Station, is a brownfield site currently on the Glasgow Vacant and Abandoned Land Register.
The Scottish National Investment Bank added: ‘The development will transform this derelict site into a modern residential complex of desirable and habitable two and three-bed family homes, built to high design specifications. ”
Eilidh Mactaggart, Managing Director of the Scottish National Investment Bank, said: “These family homes will enable local people to purchase a good quality, energy efficient first home with excellent public transport links.
“The regeneration of the current site and the focus on local buyers means these homes will be a valuable addition to increasing access to affordable housing in the area, while strengthening the local community and allowing early Nitshill buyers to stay. in their community. ”
The Scottish National Investment Bank noted that the homes facilitated by its loan are being developed under an agreement between Strathcarron Developments Limited and Glasgow City Council, with the site being part of the council’s Nitshill regeneration framework.
The loan will be reimbursed by the developer from the proceeds of the sale of the home.
The Scottish National Investment Bank said: ‘The developer was unable to find funding from major banks or other private sector funding to support this development. ”
Strathcarron Developments Director, Dallas Rhodes, said: “Station Wynd is an important project that has been in the works for some time now, and the involvement and support of the Scottish National Investment Bank and Glasgow City Council has helped make it happen. finally bring it to fruition.
“Improving abandoned spaces like this can help evolve entire communities and we hope this will have a really positive impact on the region and lead to new investments. ”