£5 million secured to help build 110 homes in Scottish Borders commuter town
“This strengthens our relationship with the bank and gives a further boost to Scotland’s wider SME housing sector” – Eve McCurrich, Whiteburn MD
An Edinburgh-based housebuilder has secured more than £5 million to help unlock the development of 110 homes in the Borders town of Lauder.
Whiteburn Projects said it had received £3.85m from the Scottish National Investment Bank and £1.24m of equity support from Housing Growth Partnership (HGP).
The deal is similar to the initial partnership the taxpayer-owned Scottish National Investment Bank (SNIB) announced with Whiteburn late last year. These investments will support the construction of 83 private homes in Lauder, alongside an additional 27 affordable homes that will be owned and managed by the Scottish Borders Housing Association.
Through this investment and the Peebles development, which was announced in November, SNIB and HGP are supporting Whiteburn’s delivery of 133 private and 29 affordable homes in the Scottish Borders, helping to address what is seen as an acute housing shortage.
Smaller builders, like Whiteburn, have struggled to access finance due to a challenging economic backdrop while being met with rising costs associated with residential development.
Eve McCurrich, managing director of Whiteburn, said: “As a leading SME [small and medium-sized enterprise] housebuilder in Scotland, we are very proud to be supported by Housing Growth Partnership and to have secured further investment from the Scottish National Investment Bank. This strengthens our relationship with the bank and gives a further boost to Scotland’s wider SME housing sector.
“The funding will enable the delivery of a total 110 new homes, which includes 27 affordable properties in Lauder, as well as supporting our supply chain and creating new jobs. I think it underpins the passion we have at Whiteburn for creating quality homes in rural communities.”
Colin Bennett, investment director at HGP, added: “Lauder is our third development with Whiteburn and second with the bank, which will bring much-needed housing to the area across a variety of house types.
“Our investment is part of a wider regional growth initiative between HGP and Whiteburn, designed to support delivery of a pipeline of sites and we are excited to see the local impact this development will have.”
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