Blackfinch backs sustainable Glasgow housing development with £11.1m

Finance, Property & Construction

By Nicky Godding

1 May 2024

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Gloucester-headquartered Blackfinch Property has announced an £11.1 million investment into a residential development in Partick, one of Glasgow’s most vibrant commuter areas. This project, undertaken by Nixon Blue, will see the construction of 48 two-bedroom flats designed to meet high sustainability standards.

The development will offer modern amenities and green technology, including solar panels and waste-water heat recovery systems. A key feature of the development is its encouragement of cycling and public transport usage, reflecting a commitment to sustainable urban living.

Aimed at achieving EPC A ratings, the project aligns with Blackfinch’s commitment to environmental sustainability, further supported by an interest rate discount for meeting these standards.

David Diemer, Investment Director at Blackfinch Property said, “This project represents our ongoing commitment to support sustainable and strategic urban development across the UK. We are pleased to partner with Nixon Blue on a development which not only addresses the need for more housing but does so in a way that respects and enhances the local community and environment.”

Blackfinch’s proactive approach in running loan due diligence in parallel with the planning process enabled the immediate commencement of construction following planning approval, demonstrating the firm’s efficiency in project management and support for developers.

This investment marks Blackfinch’s third development loan in Scotland, demonstrating their commitment to the Scottish residential property market. The development aligns with Blackfinch’s broader strategy to invest in well planned, sustainable residential projects that contribute to urban vitalisation and sustainability.

Richard McFadzean, Director of Nixon Blue, emphasised the project’s integration with local aesthetics and its broader urban impact: “The designs are in keeping with the scale of Beith Street housing and the surrounding tenement buildings. As a popular residential area, we want the new apartments to support the regeneration of the Clydeside, as the new Govan/Partick Bridge will greatly link the city and its residents. Redeveloping this site will support, connect, and reinforce this area of Partick as a lively residential area.”

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.