Scottish National Investment Bank to finance housing for first-time buyers

An investment of £ 3million by the Scottish National Investment Bank will see 25 high-quality family homes built in the Nitshill area of ​​Glasgow for sale to local social housing tenants and first-time buyers.

The development of Station Wynd

The Bank 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.

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

The Bank’s £ 3million loan will be repaid by the developer from the proceeds from the sale of the home.

The developer has not been able to find funding from major banks or other private sector funding to support this development, the Bank added.

Development Director of Strathcarron 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 finally brought 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 grant to support the partnership for the regeneration of the Scottish government, administered by Glasgow City Council. The houses will be built to high energy efficiency standards, supporting Scotland’s transition to net zero.

Leading the sale of the development will be an established agent Corum who has significant experience and knowledge of the region.

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 been pushing for regeneration in recent years and we have seen a significant increase in demand for quality housing in the region. .

“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. “