A joint venture between CALA Homes and private equity firm West Coast Capital will spearhead a £1bn development in Winchburgh, West Lothian, comprising 3,450 new homes.
The jv, known as Winchburgh Developments Limited, will oversee the delivery of the 347-hectare masterplan.
It is one of the UK’s largest housing-linked developments. The project includes some 700 affordable houses and more than 400 for social rent, as well as new schools, a new marina, a 75-acre district park and 35 acres of employment land.
The jv has also signed a deal with the Scottish government and West Lothian Council in relation to the scheme.
Building Scotland Fund is lending the jv £26.8m, on a secured and interest-bearing basis.
Sir Tom Hunter, who is a founding partner of 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 over 558 homes in the first phase with five national housebuilders we now look forward to moving forward with many more housebuilders to deliver much-needed homes for West Lothian in the next phase of development.”
The first phase of the development saw five private housebuilders – Barratt Homes, Miller Homes, Bellway, Stewart Milne Homes and Taylor Wimpey – active on site. The jv expects that “many more” will be involved.
In addition, West Lothian Council’s Housing Department and the Wheatley Group, through its subsidiary West Lothian Housing Partnership, delivered 96 affordable housing units for social rent in the new town centre.
Kevin Whitaker, chief executive of CALA, added: “West Coast Capital has worked incredibly hard over the last 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, who have played a pivotal role in the progression of the development.”
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
