The development, by Bield Housing & Care and affordable housing developers Lovell, will see 20 shared ownership homes created at Bearsden, Glasgow. They will be available for sale for older residents.
Valued at £2m, the project will see the four-storey apartment block situated at the former St Andrew's College site, off Stockiemuir Road. The scheme is expected to be completed in early 2015. It has been designed by Glasgow-based architects, Network Five.
It is understood the flats will be available from Bield on a shared ownership basis, with residents able to purchase a 75% share, while the remaining equity will be held by Bield. Homeowners will be able to increase their share to 100% following a one-year qualifying period.
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The new homes are part of the new St Andrew's Brae development in a sought-after location, just six miles north of Glasgow city centre. St Andrew's Brae includes a recently-completed BUPA care home and housing for sale which is currently being built by Miller Homes.
Jim Jarvie, Bield Housing & Care's vice chair, said: "I'm delighted to mark this important stage in the construction of properties for shared ownership, which will deliver much needed affordable housing.
"With reductions in the level of public investment, developments such as St Andrew's View help Bield deliver its strategy and offer alternative housing solutions for older people to live independent lives."
Lovell regional director Alan Taylor added: "This is a scheme which will deliver high-quality apartments built to a high standard and designed to meet the needs of older residents. We are proud to be working with Bield to help deliver it and delighted that construction work has now got under way."
(JP/MH)
