Funding boost for luxury flats

Housebuilder Cala Homes and Evans Property Group have secured a £21 million joint funding package to support the development of dozens of luxury apartments in the grounds of Edinburgh’s historic Donaldson’s School.

The funding from Barclays will assist in delivering phase one of the development, known as the Crescent, in the grounds of the 19th century building.

The scheme has started marketing the first release of properties which is said to have already generated “a substantial amount of interest” from local and overseas markets.

Neil Stoddart, interim group finance director at Cala Homes, said: “We are delighted to partner with Barclays in the development of this historic site in the heart of Edinburgh’s west end.

“The Crescent at Donaldson’s combines ambitious architectural style with innovative contemporary design.”

Nick Mayberry, head of real estate for northern and Scotland region at Barclays, added: “Edinburgh’s residential property market is currently experiencing exceptionally high demand and this deal demonstrates Barclays’ continued commitment to innovative, forward-thinking developers across Scotland.

“We worked hard to understand the specific needs for this project which, coupled with our successful track record in the property sector, meant we could provide a tailored funding package to help build one of Edinburgh’s newest and most exclusive estates located in one of its most famed sites.”

The building of Donaldson’s started in 1842, after its benefactor, local newspaper publisher James Donaldson, bequeathed his estate to found a hospital for children after his death.

It was designed by renowned architect William Henry Playfair, whose other landmark buildings in Edinburgh include the Scottish National Gallery on The Mound.