Clydesdale in £26.5m funding deal for West End housing plans

Clydesdale Bank has provided a £26.5 million funding package to a housing association for its plans to build over 100 new homes in the west of Glasgow.

The deal with Partick Housing Association involves a refinance of debt provided by another lender and additional funding to help construct new homes over the next few years.

Partick Housing Association owns some 1,800 properties in the west end of the city and is an active provider of social housing and affordable homes.

The social landlord has already earmarked the vacant site of the former St. Peter’s School in Partick. The £8m redevelopment will consist of 60 flats and will offer a mix of social housing, mid-market rental property and supported accommodation. Work is expected to commence on the site, which will incorporate conversions and new build properties, early next year.

The new homes are being delivered to help meet a significant shortage in quality affordable homes in the west end of the city. To help fill the gap, Partick Housing Association recently launched a new £6.5m housing development at Broomhill Gate. The 46-unit site was constructed on the site of the former Broomlea School.

Les Milne, chairman of Partick Housing Association, said: “We’re pleased to have secured further support from Clydesdale Bank. The funding package put in place is a real boost for our commitment and ambitious plans to provide new homes and improve existing homes to meet local housing needs, which will deliver significant benefits for the people that matter – our tenants.

“With Clydesdale Bank’s support, we are now a step closer to delivering the redevelopment of the St. Peter’s site. The deal also means we are repaying our existing debt on more favourable terms; enabling us to invest more in delivering new and improved homes and meeting the diverse needs of people in the west end of the city.”

Elaine Reed, head of social housing at Clydesdale Bank, said: “We have enjoyed a long relationship with Partick and are delighted to extend our partnership with this highly regarded and innovative social landlord by providing funding that will deliver quality homes at affordable rents to local people.

“This deal builds on the huge commitment that the Bank has already made to the social housing sector. We have developed a highly skilled and motivated team of specialists who are working alongside housing associations in Scotland, England and Wales to deliver solutions to the many challenges currently facing social landlords.”