Glasgow housing association lands £45 million funding package from RBS

Shettleston Housing Association in Glasgow has landed a £45 million funding package to refinance existing loans and enable completion of its new build development programme within the area.

Part of the funding was allocated to complete the award-winning Cunningham House development which has created 19 new homes on Shettleston Road. This development combined the construction of a modern five-storey Passivhaus tower with the conversion of the 19th century Carntyne Old Parish Church.

The housing association has more than 2,300 properties in its portfolio across the communities of Shettleston, Greenfield, Springboig and Sandyhills, with a team of 53 staff.

Part of the funding from Royal Bank of Scotland has been allocated to complete the award-winning Cunningham House development, which has created 19 homes for over-55s on Shettleston Road. The development combined the construction of a modern five-storey Passivhaus tower with the conversion of the 19th century Carntyne Old Parish Church.

The construction of a 46-unit development on Fenella Street in Shettleston is now underway and is expected to complete in April. Further expansion includes work to regenerate St Mark’s Primary School and create 44 homes for the east-end community.

Fiona Nicholl, director of finance and corporate services at Shettleston Housing Association, said: “We are very proud of the high-quality homes and services we offer to the people in the Shettleston area and the funding package has helped us deliver a number of projects which will help provide additional much needed social rented homes.

“The team at Royal Bank of Scotland has been invaluable as we arrive at an exciting new chapter for the business.”

Last year NatWest Group, which Royal Bank of Scotland is a part of, announced that it will be investing some £3 billion in social housing across the UK over the next three years. It will be used to support the construction of 20,000 affordable homes.

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