Edinburgh developers Teague Homes UK have started work on an 81-apartment scheme on the site of a former rope and sail factory in Leith, after securing £9.6m from the Bank of Scotland.
Bank of Scotland’s Commercial Real Estate team has agreed the two-year development loan that unlocks the first phase of a wider 17 acre and 660 home regeneration scheme, The Ropeworks.
The site, adjoining Leith Links Park, was formerly home to the Edinburgh Roperie and Sailworks Company from 1750 to 1960.
Part of the wider development will also see Teague Homes UK working in conjunction with Cruden Homes, helping bring forward an additional 199-unit scheme of mid-market rent housing in conjunction with Link Housing Association.
Work on this scheme is expected to start in early 2018. The Teague Group is now under the direction of Dan and Shane Teague, the brothers behind the multi award winning development company S1 Developments.
Dan Teague, director from S1 Developments said: “There remain very few areas of the city with the same scope for new housing development as The Ropeworks. Bank of Scotland’s funding will enable us to deliver this important first phase, which will kick start the wider site regeneration of an area that has remained dormant for more than 50 years.”
Steven Edwards, director in Bank of Scotland’s commercial real estate team, added: “Edinburgh and its economy continues to need city central residential accommodation of all types to support its future, making schemes like The Ropeworks so important. Teague Homes UK have an exciting vision for this historic site and we’re proud to be supporting the creation of a vibrant new neighbourhood in the city.”