A £3 million investment by the Scottish National Investment Bank will lead to 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 them an affordable opportunity to get on to the property ladder while remaining in their community.
Eilidh Mactaggart, SNIB chief executive, 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 two and three bedroom 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 loan 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, SNIB said.
Dallas Rhodes, Strathcarron Developments director, 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.
Leading the sale of the development will be established agents Corum who have significant experience and knowledge of the local area.
Gordon McGuire, Corum’s head of marketing, 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.”
Scotland leads hiring boom as job vacancies reach record levels
Unfilled vacancies have hit a new record high in the run-up to Christmas, with Scotland accounting for half of the top 10 hiring hotspots in the UK.
According to the latest tracking report from the Recruitment & Employment Confederation (REC), 210,000 new job adverts were posted in the UK during the week to November 28.
Minister rejects 'scaremongering' over oil imports if Cambo is axed
A Scottish Government minister has rejected fears that oil and gas will need to be imported if new fossil fuel projects do not go ahead as his colleague accused Conservatives of “scaremongering” after a company pulled the plug on its support for a new development.
Patrick Harvie, the co-leader of the Scottish Greens, was speaking after Shell announced it was pulling out of the controversial Cambo oil field plans.
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