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First loan granted from £50m Housing Infrastructure Fund.
More than 600 houses will be built in Aberdeen by the Grandhome Trust following a £7.9 million loan from the Scottish Government.
This is the first phase of the site at Grandhome which has planning permission in principle for a community of 4,700 homes, including commercial, retail, leisure, and public space.
The Scottish Government’s Housing Infrastructure Fund has up to £50 million of grant and loan funding available in 2016-17 to help unlock strategically important housing sites across Scotland.
Aberdeen City has already had their Affordable Housing Programme allocation increased to £10.9 million this year – a 70% increase on the previous year.
Other projects from across Scotland are currently being considered under the Housing Infrastructure Fund.
Housing Minister Kevin Stewart, who visited Grandhome today to see the work starting, said:
“I am really pleased the first loan from this important Scottish Government fund is being used to unlock a key housing site. The first phase of 600 homes will include at least 90 affordable homes.
“Today's announcement underlines this Government’s determination to increase the pace and scale of development to deliver more homes. I look forward to further loans and grants being granted to projects across Scotland.
"We have listened to our partners and are putting in place measures to support the increase in the supply of homes across all tenures, support jobs in the construction industry, and encourage inclusive growth in the wider economy.
“We have committed to deliver 50,000 more affordable homes, with 35,000 available for social rent, over the next five years, backed up with investment of more than £3 billion. Projects such as this one today marks another step on road to delivering that pledge.”
Bruce Smith, a trustee of The Grandhome Trust, said:
“The new community of Grandhome has been more than 10 years in the planning and the delivery of the first phase of enabling infrastructure, supported by the Scottish Government’s loan, is an important milestone for us.
"Grandhome will meet a large proportion of the city’s future housing needs and be a community that sets new standards for place making in Aberdeen. The quality of place that we are creating here is shaped by a strong vision and will contribute to the attractiveness of the city as place to live, work and invest.”
Chris Nabney : 07867 375 396