Bank of Scotland Finance Portobello Property to Reinvigorate Local Area
Edinburgh based residential property developer, PHG Developments Scot Ltd, has seen the first residents move into its new Portobello development this month, as phase one of the project nears completion having secured a £4.1 million finance package from Bank of Scotland.
This follows the launch of the Lloyds Banking Group Commission on Housing report, which set put a roadmap towards the sustained supply of good quality new homes and calls for a progressively rising target for national house-building to deliver 2 million to 2.5 million homes by 2025. The new £8 million residential development, situated on the site of the old funfair ground, is also part funded by PHG Developments.
Having demolished the existing site which has lain derelict for over seven years, the first phase of the build will comprise of 39 state-of-the-art apartments ranging from one to three bedrooms, increasing to a total of 55 following phase two at a further cost of £3 million.
All of the apartments in the development, which currently sits four metres from the beach front, were sold by the end of November during the pre-sale, having been released early due to overwhelming demand following over 200 notes of interest.
Commenting on the progress of the development Marc Teague, Director of PHG Developments and project lead for the Portobello development said, “We are extremely pleased with what we have been able to achieve with what was previously a disused and unsightly waste ground.
The site has now been reinvigorated and we have also turned it into a quality focal point for the local area by extending and repaving the adjacent section of the promenade for local residents, adding street lighting and restoring the area around two Historic Scotland preserved pottery kilns as part of the application for the site.”
Graham Dunlop, SME Banking, Property Team Relationship Director at Bank of Scotland added, “As the third development we have supported Marc and his team with in recent years, the Portobello development is on track to be yet another success. With a waiting list of potential buyers already in place, momentum for phase two is building.”