Cash backing for 310 green homes in west
More than 300 eco-friendly homes are to be built across four developments in the west of Scotland on the back of a private housebuilder securing a seven-figure funding boost.
Glasgow-based, family-run Briar Homes is looking to develop the initial pipeline of 310 “highly efficient” properties (including 66 classified as affordable) after securing £7.3 million – comprising a £5m revolving credit facility from Bank of Scotland and £2.3m of equity from Housing Growth Partnership (HGP). The equity provided is part of a wider £14m commitment between Briar Homes, a subsidiary of AS Homes (Scotland), and HGP, an investor backed by the lender’s owner Lloyds Banking Group to help address housing affordability.
The funds will be used to speed up work in Howwood, Wishaw & Garthamlock, with further sites already identified at Barrhead, Gladsmuir and Kennoway. Construction has already started on ten four-bedroom family homes in Howwood, with a further 22 private properties deemed suitable for first-time buyers at Tillycairn, Garthamlock, also under way. Work will soon begin at a further 27 private homes, again suitable for firsttime buyers, and 45 affordable homes will also shortly commence in Newmains, Wishaw.
At Barrhead, the developer is looking to build 39 homes designed for families, while Gladsmuir, near Haddington, will comprise 27 private and seven affordable homes aimed at families and retirement downsizers. Kennoway is a “substantially larger” site in Fife where the developer is looking to deliver 140 homes to undersupplied first-time buyers and families.
Briar Homes MD Paul Kelly said: “Addressing the Scottish housing market’s supply and affordability challenges remains a key priority for Briar Homes, but we can’t do it alone.” He added that the new funding boost “provides us with exactly the financing springboard needed to accelerate a range of much-needed new homes across the country”, and also said: “The facilities aren’t just financially supportive – they also provide certainty and a clear vision to our business as we look to continue to work with our local authority partners through the planning process.”
Graeme Steel of Bank of Scotland said: “We aspire to contribute to a society in which all households have access to affordable, safe, and sustainable homes in places they want to live. We are committed to supporting developers delivering more quality housing across Scotland.”
HGP investment director Colin Bennett said: “Briar Homes are a trusted longterm partner of HGP, and we are delighted to continue to support the business growth plans through our Regional Growth Initiative, which enables HGP to support both Briar’s current sites and those coming through its pipeline.”