By Scott Wright

PLANS to create more than 30 luxury flats overlooking Paisley Abbey have been boosted after a funding deal was secured by the developer.

Nixon Blue, founded by Paisley-born developer Richard McFadzean and Colin McIntyre, is pushing ahead with its proposed Millhouse project after raising £4.5 million from Paragon Development Finance. Its proposals would see the development of 34, two and three-bedroom apartments offering views of the 12th century abbey, the Anchor Mill and the Victorian Town Hall.

Plans for the six-storey building, which would also incorporate two restaurants, have been hailed as a key part of the regeneration of Paisley’s riverside area. The currently derelict site was formerly home the Institute nightclub, which closed in 2003.

Mr McFadzean said: “The revival of this derelict site is an ambition that myself and Colin spotted a couple of years ago. The abandonment of the former nightclub was an eyesore for many years, and we look forward to transforming this area into a thriving and vibrant community for residents.

“Working with Paragon, we are able to realise our ambitions and bring a sizeable investment, on-site jobs and build a new future for this site. Securing funding from Paragon is critical to the project and we hope to build on our relationship for future Nixon Blue developments. Let’s hope this is the first deal of many.”

Work on the project has commenced, with the developer hoping to complete in the autumn of next year. The apartments are already on sale through property agent Savills.

Robert Orr, managing director of Paragon, said: “This scheme demonstrates how well-designed, considerate property development can regenerate an area to provide homes that people want to live in and commercial space that will provide retail opportunities.”

“We’re delighted to support Richard and Colin at Nixon Blue, which is developing an impressive track record for good quality property development in Scotland.”

Gillian Melrose of Melrose Commercial Finance, which introduced Nixon Blue to Paragon, said: “I am delighted that Paragon Development Finance are supporting my developer client, Nixon Blue, on this project and that they recognise the potential to back Richard and Colin in their growth going forward.”