Maven Property, a leading private equity and property manager, has decided to offer a £4.6 million fund to two residential property schemes, in conjunction with Ambassador Homes, the Scottish housebuilder. The sites are located in Renfrew and Clackmannan and they will see the development of 94 private houses and 35 affordable homes.
Both locations are experiencing a significant new-build housing demand and the developments forecast a total sales value of £20.6 million. Maven initially offered a bank development loan of £3 million to which it added a further £1.6 million from its UK-wide ‘Investor Partners’ co-investor network.
The Clackmannan development, situated east of Stirling, includes 77 family homes located within easy walking distance to local shops and services and with excellent road transport links to Edinburgh, Glasgow, and Stirling. The private homes are expected to be sold for a price between £145,000 and £240,000 and will be released for sale early this month. There will also be 35 affordable homes, with the first completion anticipated in July 2018.
The Moorpark region of Renfrew will welcome the Maitland Gardens development of 52 private homes. The location also has excellent commuter links to Glasgow. The area has already gone under a development scheme that involved local shops, services, a park, and a new primary school. The first housing completions are anticipated in March 2018 and the purchase prices will range between £160,000 and £170,000.
“We are delighted to be working with Ambassador Homes on these high quality residential development projects and are pleased to be able to play a small part in helping to address Scotland’s well documented housing shortage. This is an exciting time to invest in the residential sector as house price growth has been and is expected to remain strong in the right locations and we are delighted to offer our Investor Partner network the opportunity to participate,” said Colin Anderson, the Investment Director at Maven.
