Scottish National Investment Bank steps in to finance new homes in Glasgow

A £ 3million investment from the Scottish National Investment Bank will allow the construction of 25 high-quality family homes in Glasgow’s Nitshill district after the developer was unable to find funding elsewhere.

The development of Station Wynd

The Wynd Station site, immediately adjacent to Nitshill Station, is a brownfield site that is currently on the Glasgow Vacant and Abandoned Land Register. The development will transform this abandoned site into a modern housing development of desirable and habitable 2 and 3 bedroom family homes, built to high design specifications.

The houses facilitated by the Bank‘s loan are being developed under a development agreement between Strathcarron Developments Limited and Glasgow City Council, the site being part of the council’s Nitshill regeneration framework.

To be repaid by the developer from the proceeds of the sale of the home, the Bank loan stipulates that the units in the Station Wynd development must first be offered to residents of the area, providing them with an affordable opportunity to move up the ranks. of property while remaining in their community.

Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said the investment aligns with the Bank’s mission, to invest in places and regeneration to reduce inequalities and improve opportunities and outcomes for people and communities.

Ms Mactaggart added: “These family homes will enable the local population 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 developer has not been able to find funding from major banks or other private sector funding to support this development, the Bank added.

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. “

The project is supported by a Scottish Government Regeneration Partnership Support Grant administered by Glasgow City Council. The houses will be built to high energy efficiency standards, supporting Scotland’s transition to net zero.

Agent Corum, who has extensive experience and knowledge of the region, will lead the sale of the development.

Corum Marketing Director Gordon McGuire described the development as an important project that will help meet the need for quality local housing, he said: “The Nitshill area has pushed for regeneration in recent years. years and we have seen a significant increase in demand for quality housing in the neighborhood.

“The biggest challenge facing the real estate market right now is the lack of inventory, especially in urban areas such as Nitshill, and the Station Wynd project will be a welcome addition. “