You are viewing 1 of your 1 free articles
Private equity partnership strikes 3,450-home agreement with Scottish government
A private equity partnership has signed an agreement with a developer, a council and the Scottish government to deliver 3,450 new homes just outside Edinburgh.
West Coast Capital has agreed a joint venture with CALA Homes, a developer owned by the institutional investor Legal & General, to deliver the scheme at Winchburgh.
This joint venture has signed an agreement with the Scottish government and West Lothian Council to deliver 3,450 homes, 700 of which will be affordable including 520 for social rent.
The development will also include new schools, a range of infrastructure, a new marina, a park and 35 acres of employment land.
READ MORE
Sir Tom Hunter, founding partner at West Coast Capital, said: “Both West Lothian Council and the Scottish government have played a critical role in securing this long-term development for Scotland.
“Having already delivered 588 homes in the first phase with five national house builders, we now look forward to moving forward with many more house builders to deliver much needed homes for West Lothian in the next phase of development.”
West Lothian Council will forward-fund new schools in the area with financial support from the Scottish government, with house builders across the local authority area paying back the money through roof tax.
Kevin Whitaker, chief executive of CALA Homes, said: “We are delighted to be partnering with West Coast Capital to help fund and deliver a high-quality, sustainable development that will bring multi-tenure housing, education and infrastructure to West Lothian.
“Following the acquisition of CALA by Legal & General last year, we have the appetite, expertise and capability to work on ambitious large-scale projects such as Winchburgh.
“West Coast Capital has worked incredibly hard over the past eight years to bring the site to this advanced stage. We now look forward to working with them and other stakeholders to deliver the next chapter of this exciting project, including the Scottish government and West Lothian Council, whom have played a pivotal role in the progression of the development.”
John Hamilton, chief executive of Winchburgh Developments, the joint venture organisation, added: “It’s a huge achievement for all parties involved to have reached this point where the plans we have made can start to become a reality.
“The masterplan for Winchburgh goes far beyond building new homes. This is set to be one of the most exciting placemaking projects in the UK, which will bring new education facilities, a significant number of permanent jobs, and improved transport links to the area.”
