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.
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.
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.”
Dallas Rhodes, Director of Strathcarron Developments 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.”