Glasgow-based builder Briar Homes has landed a multi-million pound funding package to develop a pipeline of 310 new high-efficiency homes at sites throughout Scotland.
The financing includes an initial £5 million revolving credit facility from Bank of Scotland along with an additional £2.3m of equity from social impact investor Housing Growth Partnership (HGP). The equity is part of a wider £14m commitment between Briar Homes under HGP’s regional growth initiative programme.
The funds will initially be used to accelerate work on three sites in Howwood, Wishaw, and Garthamlock. Further sites have been identified at Barrhead, Gladsmuir and Kennoway.
READ MORE: Glasgow housebuilder secures £10m backing for 400 new homes
Construction has already started on 10 four-bedroom family homes in Howwood, with a further 22 private homes suitable for first time buyers at Tillycairn, Garthamlock also underway. Work on a further 27 private homes, again suitable for first time buyers, and 45 affordable homes will soon begin in Newmains, Wishaw.
At Barrhead the group is looking to build 39 homes designed for families, while Gladsmuir, near Haddington, will comprise a mix of 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.
“Addressing the Scottish housing market’s supply and affordability challenges remains a key priority for Briar Homes, but we can’t do it alone," managing director Paul Kelly said.
"The overwhelming support of Bank of Scotland and the Housing Growth Partnership working together provides us with exactly the financing springboard needed to accelerate a range of much needed new homes across the country catered towards families and those taking their first steps on the housing ladder."
READ MORE: Scotland in grip of a ‘housing emergency’, industry experts warn
Briar Homes is a subsidiary of AS Homes (Scotland) Limited, a family-run builder that has delivered more than 400 affordable homes to the housing association market during the last two years. The group works in conjunction with HGP – an investor backed by Lloyds Banking Group and Homes England – to help address housing affordability by increasing the number of new homes built in the UK by small and medium-sized builders.
“Briar Homes are a trusted long-term 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 planning pipeline," investment director Colin Bennett said.
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