THE Scottish National Investment Bank has put up a £3 million loan to fund the building of 25 homes on a derelict site at Nitshill in Glasgow for sale to local social housing tenants and first-time buyers.

It said its 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”.

The taxpayer-funded Scottish National Investment Bank said the funding deal aligned with its “place mission to invest in places and regeneration to reduce inequalities and improve opportunities and outcomes for people and communities”.

It noted 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 Scottish National Investment Bank added: “The development will transform this derelict site to a modern housing development of desirable and liveable family two and three-bed homes built to high design specifications.”

Eilidh Mactaggart, chief executive 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.”

The Scottish National Investment Bank noted the homes facilitated by its loan are being developed under an 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 proceeds from the sale of the housing.

The Scottish National Investment Bank said: “The developer was unable to find finance from the high street banks or other private sector finance to support this development.”

Strathcarron Developments director Dallas Rhodes 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.”