Aldermore has provided a £22.9m property development loan to Queensberry Properties Ltd, in its largest loan thus far.
The funding is being used to support the development of the 7.5 acre mixed-use ‘New Waverley’ project located in the heart of Edinburgh’s historic old town.
The site, which includes the provision for 66 new homes, will see a range of one, two and three-bedroomed apartments, mews houses and maisonettes constructed alongside retail and commercial space, sitting on top of 59 underground car parking spaces.
The Scottish based business was formed through a partnership between one of Scotland’s privately-owned housebuilders and Cruden Homes (East) Ltd and Buccleuch Property. To date the pairing has successfully developed in excess of 120 prime properties across Scotland with more than 200 pipeline properties planned.
John Carter, commercial director for Commercial Real Estate at Aldermore said: “New Waverley is such an exciting development to be a part of, not least because it is widely recognised as one of the UK’s most important city centre regeneration projects, and highlights our growing ambition to support UK wide developments with funding requirements up to £25m. We are delighted to be working with Queensberry on this flagship venture.”
Steven Simpson, director of Queensberry Properties, added: “This is a hugely significant deal for us and allows us to look to our future business ambitions with confidence. We have recently delivered some of Edinburgh’s most successful prime residential developments, but our acquisition of what will be the first residential element to be developed within New Waverley takes us to an exciting, new level.
“Aldermore has been fantastic throughout the process, and their ability to recognise the value of the development, our need to have the funding in place quickly, and the time they took to fully understand us and our vision for New Waverley has been invaluable. We’re excited about the partnership we’ve built with them.”