An Edinburgh-based property developer has broken ground on a new housing project on the outskirts of the city after securing seven-figure bank backing.
Gallo & Gallo Developments is a family-run business that specialises in developing luxury residential properties across the Scottish capital.
The firm is run by husband and wife duo Riccardo and Mary-Anne Gallo, with Mr Gallo overseeing the construction process while Mrs Gallo specialises in interior design through her own company, Mary-Anne Gallo Interiors.
Since 2008, the business has renovated and developed properties across Edinburgh, helping it achieve an annual turnover of more than £3 million.
The firm is now focused on plans for a new five-property development beside Baberton Golf Club in Juniper Green.
To facilitate the project, Gallo & Gallo Developments approached Bank of Scotland, securing a seven-figure development funding package to support the build of the new homes.
The new development will feature four "upside down" townhouses, with kitchens and living rooms located on the top floor to take advantage of the views of Edinburgh Castle, while the bedrooms will be located on the lower floors. The former professional golf shop at Baberton Golf Club will also be converted, taking the total number of townhouses to five.
The new homes are designed for families and early retirees and are expected to complete by early spring 2022.
Gallo & Gallo Developments is also planning to embark on its first venture outside of Edinburgh, with a new multi-unit project in Gullane, East Lothian. This development is expected to go live mid-2022.
Riccardo Gallo, director at Gallo & Gallo Developments, said: “Myself and Mary-Anne have always had a passion for property development and renovation, and we’ve spent more than a decade expanding our footprint here in Edinburgh.
“When we spotted the opportunity in Juniper Green, we knew it would be the perfect next venture for us. While the scale of the development meant it would be our biggest challenge to date, it’s a tremendously exciting project for us. Thanks to Bank of Scotland, we’ve been able to secure the finance required during a time where demand for residential property in the capital continues to grow.
“That said, this demand is extending with people increasingly keen to live beyond the city limits. This is why we’re hoping to break ground on a new development in Gullane in summer next year and continue to grow our portfolio across the central belt of Scotland.”
Douglas Spowart, relationship director at Bank of Scotland, said: “The latest monthly House Price Report from ESPC has shown that house prices in Edinburgh are still rising as buyer demand continues to outweigh supply.
“Gallo & Gallo Development’s new project will provide a range of new properties for families in Edinburgh and boost the supply of residential properties in the city.
“We’ll continue to support the business as it continues on its growth journey, and also stand by firms in other sectors as they look to take advantage of new and exciting growth opportunities.”
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