Ambassador Group, PA4 / FK10
Joint venture with Scottish Housebuilder, Ambassador Group, to fund two residential developments providing a total of 129 family homes. Both sites are in prime commuter locations with significant new-build housing demand. The Clackmannan development is situated in a commuter town to the east of Stirling, within easy walking distance of local shops and services and with excellent road transport links to Edinburgh, Glasgow and Stirling.
The development at Renfrew benefits from excellent commuter links to Glasgow and easy access to Glasgow Airport and Braehead shopping centre. The gross development value of the completed developments is £24 million.
- Site acquired in 2017.
- Development Management and Construction Agreement entered into with Ambassador Residential Limited.
- 35 homes pre-sold to Places for People, a leading UK Housing Association, under a forward funding agreement.
- GDV of £24 million.
- Funding requirement £5 million on peak cash flow basis.
- £2 million equity investment, including Ambassador commitment.
- £3 million senior debt facility.
- Site 1 at Clackmannan, comprising 77 homes for private sale, fully sold by March 2021.
- Site 2 at Renfrew, comprising 52 homes for private sale, fully sold by September 2019.
- Return on Equity: 1.84x MoM.