A £ 3million investment from the Scottish National Investment Bank will see the construction of 25 family homes for sale to local social housing tenants and first-time buyers in Glasgow’s Nitshill area.
The 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.
This 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.
Eilidh Mactaggart, Managing Director of the Scottish National Investment Bank, said: “The regeneration of the current site, and the priority for local buyers, means that these homes will be a valuable addition to increase access to affordable housing in the area. , while strengthening the local community and allowing Nitshill first-time buyers to stay in their community.
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 aims to transform this abandoned site into a modern residential complex of desirable and habitable two and three bedroom family homes.
They developed under a development agreement between Strathcarron Developments and Glasgow City Council, with the site being part of the council’s Nitshill regeneration framework.
The loan will be repaid by the developer from the proceeds of the sale of the home. 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. ”
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.
The sale of the development will be led by Agent Corum, who has significant experience and knowledge of the region.
Corum’s chief marketing officer, Gordon McGuire, described the development as an important project that will help meet the need for quality local housing. “The Nitshill area has been pushing for regeneration in recent years and we have seen a significant increase in demand for quality housing in the area.
“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. “
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