Tuesday 19 February 2019
Select a region

Housing association secures £40m to deliver ‘transformational change’ in Glasgow

Housing association secures £40m to deliver ‘transformational change’ in Glasgow

Monday 11 February 2019

Housing association secures £40m to deliver ‘transformational change’ in Glasgow


Plans to build 600 new homes in Glasgow have taken a step forward after £40 million of funding was secured.

Queens Cross Housing Association aims to transform Hamiltonhill into an “urban suburb” after agreeing a deal with M&G Investments.

It will build 300 affordable homes for rent in the north-west of the city, with the remaining half to be new builds for sale.

Discussions are ongoing with developers in the hope ground and drainage work will begin in spring.

Shona Stephen, Queens Cross chief executive, said: “This is just the latest piece of the jigsaw that will deliver a real transformational change to this part of the city.

“Building a relationship with an asset management company for funding is a first for Queens Cross.

“This innovative approach to securing investment is a great demonstration of our commitment to explore all avenues to secure the funds we need to help improve the lives of our tenants and to build Queens Cross as an area people can be proud to call home.”

The development will also include a new park and green space with community and commercial developments.

Glasgow City Council will also be a key partner in the project.

Mark Davie, head of social housing at M&G, said: “Queens Cross Housing Association is already providing much-needed housing across Glasgow, supporting the local community.

“This is our third deal with a housing association in Scotland, where good quality affordable homes continue to be in short supply.

“This transaction will deliver sustainable long-term returns to our pension fund clients, secured against residential property.

“M&G has now invested over £6 billion in UK social housing and we are always looking for more opportunities to invest, to help address the shortage of affordable homes across the country.”

Sign up to newsletter

 

Comments

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?