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Unprecedented investment by Link for new affordable homes
Published on April 30 2009
Link obtained £5.4 million in accelerated funding from the Scottish Government, investing it in opportunities which, combined with funding from its own reserves, will enable it to provide 188 additional homes. As a result, Link’s capital expenditure on its development programme was an unprecedented £24 million for the 2008/09 financial year. Linkwide, the group’s development arm, has been cultivating these opportunities over the last year and worked hard to get Government backing for the projects. It has also invested a lot of time liaising with local councils, private developers and others to make them happen. The projects are:
- The purchase of 24 flats at Oakwood, Cumbernauld for affordable rent
- Land purchase and build of 43 flats for rent at Torwoodlea, Larbert
- Land purchase and build of 48 houses for rent at Auchinairn Road, Bishopbriggs
- The acquisition of 10 flats at Richmond Gate, Oatlands, Glasgow for sale through shared equity
- The acquisition of 17 flats for social rent at Genesis, Granton, Edinburgh
Link also invested £860,000 of its Landbank Fund to acquire a site for 46 houses for affordable housing at Rosneath, Argyll & Bute. Link Group Chief Executive Craig Sanderson said: “I’m very pleased that Link has responded so positively to a range of opportunities, using accelerated funding and its own reserves in the interests of alleviating homelessness and helping a range of others in housing need. I would like to thank Link’s staff and a partners for responding so positively to current exceptional circumstances.”