Building Scotland Fund assists with new developments

According to an announcement by the Scottish Economy Secretary, Derek Mackay, housebuilding as well as the construction of commercial and industrial developments in Scotland are set to benefit from the provision of investment through the Building Scotland Fund (BSF).

Going into further detail, the Building Scotland Fund allocates sums of up to £100M to support construction projects across Scotland, such as the refurbishment of the 55 Douglas Street office development in Glasgow which received £12M out of the fund which is backed by £150M overall.

Secretary Mackay stated: “I am delighted that the Building Scotland Fund has now agreed investments of £100M, unlocking projects in excess of £238M and providing a significant boost to the Scottish economy.

“This milestone is an important step not only for the Building Scotland Fund but also lays a strong foundation for the Scottish National Investment Bank, paving the way for it to become a cornerstone institution for Scotland’s economy.

“A total of £25M of BSF funding is being invested in projects through the SPRUCE urban regeneration fund. This includes the new high-spec refurbishment at 55 Douglas Street which is helping to revitalise Glasgow’s city centre and bring additional capacity for business and jobs.

“BSF has also agreed investments of £75M in a range of housing projects, from large-scale transformational projects to smaller developments being delivered by small to mid-size enterprise housebuilders. This is supporting the development of more than 5,500 homes and around 600 full time jobs.”

A representative of Signal Capital, which owns 55 Douglas Street, Gareth Richardson commented: “The funding we have received through the BSF has been invaluable. Without that level of investment, we would not have been able to maximise the potential of the building by creating a 10,000sq foot extension, providing larger floor plates and a complete transformation of the front exterior.

“This much needed additional space will help address Glasgow’s critical shortage of high quality office accommodation, enabling the city to attract and retain occupiers which in turn encourages economic growth.”

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