A Scottish real estate business has hailed £21 million funding for the first of almost 1,000 new homes at a former hospital site.
Glasgow-based business Ambassador Group is developing the huge estate and has had backing from OakNorth for the first 74 homes.
The loan from OakNorth will be used to develop new homes at Ambassador Group’s latest site located at the historic Bangour Village in West Lothian, as well as support ongoing infrastructure works.
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The units include 51 detached and semi-detached homes and 23 flats, that will offer residents extensive green spaces, as well as electric vehicle charging points “as part of the group’s wider sustainability commitment”.
The OakNorth funded homes will be part of the wider Bangour Village Estate, a 215-acre site that is set to consist of 998 homes, a primary school and nursery, café and restaurant, as well as transport links to both Edinburgh and Glasgow.
David Gaffney, chief executive of Ambassador Group, said: “We are delighted to announce the first release of handpicked homes at the spectacular Bangour Village Estate. Our work in partnership with the local community and key stakeholders has been vital towards the area’s successful transformation into a thriving new destination that can be enjoyed by residents, locals and visitors alike."
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He added: “After being impressed with OakNorth’s reputation for backing experienced and entrepreneurial housebuilders, they were the clear funder of choice.Fraser and the OakNorth team provided a great level of flexibility and transparency, and we look forward to working with them again on future developments.”
Fraser McPhail, senior director of debt finance at OakNorth, said: “The Ambassador Group is a perfect example of the innovation and entrepreneurialism that’s on show within the UK’s real estate sector.
“The firm’s successful track record for delivering homes that are thoughtfully designed, energy efficient and have an industry leading specification speaks for itself and we’re thrilled to support its unique and iconic Bangour Village development."
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Mr McPhail added: “Scotland is an integral part of OakNorth’s growth strategy, and we continue to see a strong opportunity from businesses in the region looking to pursue their growth ambitions. Following the opening of our Glasgow office in summer last year, OakNorth is ready to step up to the plate and support businesses in Scotland at a time when other lenders may be unwilling or unable to.”
The site includes 15 listed buildings, with some dating back to the early 1900s.
Founded in 2011, the Ambassador Group consists of three divisions, development, investment and advisory, and has advised on over £2bn of UK real estate transactions to date, with a development pipeline of over 2,500 homes.
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