Briar Homes has secured the support of a Regional Growth Initiative (RGI) from Housing Growth Partnership's (HGP) newly created £300 million property fund.
The RGI is a four-year commitment that will see HGP investing up to £10m of equity alongside Briar, targeting new sites for family housing in locations across Central Scotland, with a particular focus on Glasgow and the surrounding commuter belt.
Colin Bennett, HGP investment director for Scotland, said: "We are delighted to support regional housebuilders like Briar Homes, which have the ambition to provide much-needed new homes and also to give those searching for a new property more options beyond a market dominated so heavily by PLC housebuilders.
"Our relationship with Briar goes back some years in fact. Being part of the AS Group, a family owned and operated business, we first invested alongside AS Homes in 2016 supporting its entry back into the private development market and they created an incredible location at Broomhouse."
Since 2016, HGP has provided Briar with equity investment of £3.6m across two development schemes, delivering over 100 units and assisting with the company's ambitious growth plans. With the implementation of the RGI partnership, HGP aims to support the development of up to a further eight sites and over 400 new homes.
Paul Kelly, managing director of Briar Homes Ltd, said: "The support we have received by working in partnership with HGP over the past four years is key to our continued growth. We are delighted to be signing up as their first 'Regional Growth Initiative' partner in Scotland, with an initial £10m funding commitment over the next four years. This allows us to focus on building high quality, architect-designed homes in sought after locations.
"The funding partnership is vital to our aim of creating new homes to exacting standards. The first development funded through the RGI of 35 homes at Dealston Road will offer buyers a higher specification as standard and will create a new community within the popular town of Barrhead, Glasgow."
Colin added: "Briar's focus on high quality, good value homes epitomises the value that small and medium-sized housebuilders bring to their local communities.
"Our joint discussions around how HGP could better support their plans for the future helped us shape the RGI as a proposition, and we are delighted to be providing long-term support to the business through the newly created £300m fund."
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
29/11/2024
Construction has begun on the initial phase of Spaceport 1, a sub-orbital launch site in the Outer Hebrides. Local contractor, Macaulay Askernish Ltd, has been awarded a contract by Comhairle nan Eilean Siar to undertake enabling works at Scolpaig Farm in North Uist. The project, funded by a £947k ...
29/11/2024
David Smith Contractors Ltd, a local firm based in Fraserburgh, has been awarded a multi-million-pound contract to contribute to the construction of the Eastern Green Link 2 (EGL2) project. The company will undertake civil engineering works at the converter station site near Boddam, Peterhead. ...
29/11/2024
Scotland has unveiled a new plan to become a leading exporter of renewable hydrogen by 2030. The plan, titled 'A Trading Nation: Realising Scotland's Hydrogen Potential – A Plan for Exports', outlines specific actions needed to achieve this goal. The Scottish Government aims to capitalize on the ...
29/11/2024
First Minister John Swinney has welcomed the progress being made in the construction of the new Perth High School during a recent site visit. The new three-storey building, being delivered by Robertson Construction Tayside on behalf of hub East Central Scotland, will accommodate up to 1,600 pupils ...
29/11/2024
Glasgow City Council has given the green light to the sale of four land plots in the city to facilitate various development projects. The sites in question are located in Carmyle, Deaconsbank, Maryhill, and Port Dundas. The disposals are expected to generate significant capital receipts for the ...
29/11/2024
Scottish Water is set to achieve a significant milestone in its woodland creation programme, planting over 500,000 trees by the end of the current planting season in March 2025. This year, the company will plant more than 245 hectares of native woodland across various sites, including Loch ...
28/11/2024
Construction has begun on a new £33 million student accommodation development in Glasgow city centre. The project, a partnership between Artisan Real Estate and Homes for Students, will provide 321 self-contained studio apartments at 292-298 St Vincent Street. The existing office building on the ...
28/11/2024
Springfield Properties has submitted detailed plans to Midlothian Council for the first phase of its new Lingerwood development. The proposed development, located off Stobhill Road near Newtongrange, will eventually include around 1,000 homes. The first phase will comprise 63 homes, ranging from ...
28/11/2024
Scottish Land & Estates (SLE) has called on the Scottish Government to prioritise the needs of rural communities in the upcoming Scottish Budget. Dee Ward, Chair of SLE, has urged the Finance Secretary, Shona Robison, to conduct a robust rural impact assessment for all spending and taxation ...
28/11/2024
Four Scottish electrical apprentices have been praised for their performance in the prestigious SkillELECTRIC competition. John-Ross Campbell, Kalum Low, Milly Smith, and Ewan Thomas, all SETCTT apprentices, represented Scotland in the UK-wide competition, which was held at Oldham College. Milly ...