Scottish National Investment Bank steps in to fund new Glasgow homes

A £3 million investment by the Scottish National Investment Bank will see 25 high-quality family homes being built in the Nitshill area of Glasgow after the developer was unable to find finance elsewhere.Scottish National Investment Bank steps in to fund new Glasgow homesThe Station Wynd developmentThe 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 2 and 3 bed 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.To be repaid by the developer from sales proceeds of the housing, the Bank’s loan stipulates homes in the Station Wynd development must first be offered to local people, providing them with an affordable opportunity to get on to the property ladder while remaining in their community.Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said the investment aligns with the Bank’s place mission, to invest in places and regeneration to reduce inequalities and improve opportunities and outcomes for people and communities.The developer was unable to find finance from the high street banks or other private sector finance to support this development, the Bank added.The project is being supported by a Partnership Support for Regeneration grant from the Scottish Government, administered by Glasgow City Council. The homes will be built to a high standard of energy efficiency supporting Scotland’s transition to net zero.Leading the sale of the development will be established agent Corum which has significant experience and knowledge of the local area.