DIGITAL bank OakNorth has provided an £8.3m loan to Chrysalis Homes Limited for a new retirement development in Renfrewshire, Scotland.
The company is backed by Highland & Universal Investments Limited, the investment vehicle of Dame Ann Gloag – one of Scotland’s most successful entrepreneurs and a long-standing property investor.
The £8.3m loan from OakNorth will be used to develop ‘Waterside at Dargavel Village’, a new four-storey, 49-unit retirement living scheme in Bishopton, Renfrewshire.
The site forms part of the wider Dargavel Village regeneration project, one of Scotland’s most ambitious redevelopment programmes.
Located on a former BAE Systems site, the site is set to deliver 4,000 new homes, extensive community amenities, and commercial space, with more than 2,000 homes already completed.
Linda Docherty, sales director at Chrysalis Homes, said: “Waterside at Dargavel Village has been designed to provide high-quality, future-ready homes for older residents who want to remain close to family, community, and essential amenities.
“In bringing this project forward, we were looking for a funding partner that not only understood the technical and commercial requirements of retirement living but also had a deep appreciation of the unique dynamics within the Scottish residential market.”
Full completion is expected by 2034. McCarthy & Stone has been appointed to manage the apartments.
Fraser McPhail, senior director of debt finance at OakNorth, added: “Dargavel Village is a flagship regeneration project for the West of Scotland, and the Waterside scheme will play an important role in expanding high-quality retirement living options in the region.
“With a rapidly ageing population and a notable lack of local supply, this development addresses a clear and growing need.”
Both Chrysalis and Highland were advised by Greyfriars Investments.