NATIONAL HOUSEBUILDERS COMMIT TO LOMONDGATE
Walker Group has announced the conditional sale of 20 acres of land for residential development at Lomondgate in Dumbarton, representing one of the most positive signs yet that Scotland's property market is coming out of recession.
Persimmon Homes is expected to purchase 8.5 acres and hopes to build 120 properties while Redrow will acquire 11 acres with plans to build 94 family homes on the site which is set in one of the most scenic parts of the world.
A planning application for Redrow Homes has now been lodged with West Dunbartonshire Council and Persimmon Homes intend to submit an application within the next two weeks, with construction expected to start in the Autumn. A considerable number of jobs will be created as a result of the land deals.
Walker Group will retain an 11.5 acre site with the intention of developing 109 new homes, including two, three, four and five bedroom houses and it is anticipated that this phase will also commence later this year.
Bruce Walker, Managing Director of Walker Group, which is developing the £100m mixed use Lomondgate development in partnership with Strathleven Regeneration Company, said: "When it comes to property it really is all about location and it would be hard to imagine a more beautiful place to make a home than at Lomondgate which sits at the gateway to Loch Lomond, offering some of the best scenery and outdoor living in Scotland.
These deals are a tangible sign that recovery is just around the corner and is the latest positive news for the development, which is already home to the BBC's River City Studios, and has generated over £90 million of value to the region's economy according to an independent economic impact assessment."
Sandy McBride, Managing Director of Redrow Homes (Scotland), said: "This will be an excellent addition to our portfolio of homes in central Scotland and will allow us to introduce our New Heritage Collection of traditional looking homes with a high interior specification to an area where we have not built before. We are delighted to be involved."
Commenting on the new location, Doug Law, Managing Director of Persimmon Homes West Scotland added, "We are delighted to be involved in this development and look forward to launching 2, 3 and 4 bedroom family homes for sale later this year. The location affords great communication links to the town, city and countryside".
Work is now well underway on Whitbread's £4.1m, 60-bedroom Premier Inn hotel and Table Table restaurant, which are expected to open for business in time for Christmas, creating 50 full and part time jobs.
Aggreko has also started building work on its new £20m manufacturing and office facility being built on 16 acres of the Lomondgate site adjacent to the business park. Aggreko's investment will retain 120 jobs and create a further 110.
The £100m Lomondgate project was launched in 2007 by Strathleven Regeneration Company, (SRC) a public-private partnership established with the support of West Dunbartonshire Council, Scottish Enterprise and Diageo.
SRC formed a partnership with developer Walker Group to help deliver its plans for a thriving new community on the site providing new homes, a new business location and destination services on the A82 at a gateway to Loch Lomond & the Trossachs National Park.
So far more than £14m has been invested by Walker Group into the development, which includes significant local road and infrastructure improvements, including the construction of the new Lomondgate roundabout leading into the business park and the other main elements of the project.
David Hastings, Executive Director of Strathleven Regeneration Company, said: "Lomondgate is one of Scotland's economic regeneration success stories, illustrating that even in the toughest of times, the right development, with a first class infrastructure and a world class location can flourish if the project partners maintain their belief. During the recession Walker Group have kept faith in our shared vision for a National Park gateway development where people can live, work, play and visit.
"It is fantastic that Persimmon and Redrow are going to build over 200 new properties on the site, bringing more housing choice for local residents and attracting new people to this beautiful part of the country."
Lomondgate is home to BBC Scotland's drama production facility where River City is made and which has hosted a wide range of other productions, most recently The Deep starring Minnie Driver, James Nesbit, and Goran Visnjic.
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