Funding package secured for new Paisley apartments

NIXON Blue has agreed a £4.5 million funding package from Paragon Development Finance, introduced by Melrose Commercial Finance Ltd, to support the development of 34 new apartments overlooking Paisley’s 12th century Abbey.

The Millhouse project will result in two and three-bedroom apartments set over six storeys and two new restaurants. Many of the apartments will enjoy views of the Abbey, the Anchor Mill, and the Victorian Town Hall.

The key principals behind Nixon Blue are joint MDs Richard McFadzean and Colin McIntyre. Richard McFadzean said, “The revival of this derelict site is an ambition that myself and Colin spotted a couple of years ago. The abandonment of the former nightclub was an eyesore for many years, and we look forward to transforming this area into a thriving and vibrant community for residents.

“Working with Paragon, we are able to realise our ambitions and bring a sizeable investment, on-site jobs and build a new future for this site. Securing funding from Paragon is critical to the project and we hope to build on our relationship for future Nixon Blue developments. Let’s hope this is the first deal of many.”

Gillian Melrose, Melrose Commercial Finance Ltd, added, “I am delighted that Paragon Development Finance are supporting my developer client, Nixon Blue, on this project and that they recognise the potential to back Richard and Colin in their growth going forward.”

Robert Orr, MD of Paragon Development Finance, commented, “This scheme demonstrates how well-designed, considerate property development can regenerate an area to provide homes that people want to live in and commercial space that will provide retail opportunities. We’re delighted to support Richard and Colin at Nixon Blue, which is developing an impressive track record for good quality property development in Scotland.”

Work is due to complete in autumn 2022. The apartments are now on sale with Savills.