Regeneration investment to create affordable housing for first time buyers
A £3million investment by the Scottish National Investment Bank will see 25 high-quality family homes being built to be sold to local social housing tenants and first-time buyers in the Nitshill area of Glasgow.
The Bank’s loan stipulates homes in the Station Wynd development must first be offered to local people, providing an affordable opportunity to get on to the property ladder while remaining in their community.
This investment aligns with the Bank’s place mission, to invest in places and regeneration to reduce inequalities and improve opportunities and outcomes for people and communities.
Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said: “These family homes will allow local people to buy a good quality, energy efficient, first home with excellent public transport links.
“The regeneration of the current site, and priority for local buyers, means that these homes will be a valuable addition to increase access to affordable housing in the area, while bolstering the local community and enabling first-time buyers in Nitshill to stay in their community.”
The Station Wynd site, immediately adjacent to Nitshill train station, is a brownfield site currently part of the Glasgow Vacant and Derelict Land register. The development will transform this derelict site to a modern housing development of desirable and liveable family homes built to a high design specifications.
The homes facilitated by the Bank’s loan are being developed under a development agreement between Strathcarron Developments Limited and Glasgow City Council, with the site part of the council’s Nitshill Regeneration Framework.
The Bank’s loan of £3million will be repaid by the developer from sales proceeds of the housing. The developer was unable to find finance from the high street banks or other private sector finance to support this development.
Strathcarron Developments Director Dallas Rhodes said: “Station Wynd is an important project that has been in the pipeline for some time now, and the involvement and support of the Scottish National Investment Bank and Glasgow City Council has helped to finally bring it to fruition.
“Improving derelict spaces like this can help evolve whole communities and we hope it will have a really positive impact for the local area and lead to further investment.”
The project is being supported by a Partnership Support for Regeneration grant from the Scottish Government, administered by Glasgow City Council. The homes will be built to a high standard of energy efficiency supporting Scotland’s transition to net zero.
Leading the sale of the development will be established agents Corum who have significant experience and knowledge of the local area.
Corum’s Head of Marketing, Gordon McGuire, described the development as being an important project that will help fulfil 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 rise in demand for quality housing in the area.
“The biggest challenge the property market faces right now is a lack of stock, particularly within urban areas such as Nitshill, and the Station Wynd project will be a welcome addition”.
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Notes to editors
The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland. The Bank is an impact investor, focussed on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from government.
The Bank invests in business and projects connected to Scotland to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.
The Bank’s missions are:
- Supporting Scotland’s transition to net zero
- Building communities and promoting equality
- Harnessing innovation to enable our people to flourish
The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term.
The Bank was established in November 2020 and is led by Chief Executive, Eilidh Mactaggart.
Details of the Bank’s investments can be found at https://www.thebank.scot/portfolio/