Funding package supports Edinburgh sustainable residential development

GLASGOW-based housing developer Carmichael Homes has started construction on a new 25-flat project in Edinburgh, with support from Bank of Scotland.

The firm has delivered 11 developments across greater Glasgow over the past nine years, including sites in Finnieston and Bishopbriggs.

Carmichael Homes’ latest venture is a development comprising one to four-bedroom flats on Lanark Road in the capital.

The project will feature a green roof to help the building retain water and aid biodiversity, enhanced glazing for added insulation, and an energy efficient boiler system linked to solar panels. To support the development, Carmichael Homes secured a seven-figure funding package via Bank of Scotland’s Clean Growth Finance Initiative (CGFI), which provides discounted lending to help firms invest in sustainable projects.

Construction of the new flats is expected to take 16 months, with completion expected by December 2022. The business currently has three live developments across Glasgow and Edinburgh and is expecting a further three projects to begin next year – all of which will have a focus on sustainability.

Carmichael Homes is supporting Scottish businesses during the development, using products from Wick-based Ashley Ann Kitchens, Aberdeen-based Stewart Milne and many more locally sourced companies.

Scott Carmichael, MD of Carmichael Homes, said, “At Carmichael Homes, we create high-quality properties that are sustainably built to help Scotland on its way to net zero. The support from Bank of Scotland has been a massive boost to our business. It has enabled us to equip each property with a host of eco-friendly features and ensure each flat has a low carbon footprint.

“The project will also mark a continuation in our expansion into Edinburgh. A recent report* found that people across Edinburgh are concerned with the current climate emergency and by building new homes with this in mind, we are continuing our commitment to provide sustainable homes across Scotland.”

Douglas Spowart, relationship director at Bank of Scotland, added, “Earlier this year it was reported that renewables met 97% of the country’s electricity demand in 2020. While this was a positive development on our path towards net zero, there’s still more that can be done. Businesses in sectors ranging from agriculture to construction can all play a considerable role in helping us decarbonise.

“Carmichael Homes’ new project in Edinburgh is a prime example of a Scottish business doing just that and we’re proud to be supporting them with this new sustainable project. With COP26 just around the corner, we’ll continue to support businesses like Carmichael Homes as they work to reduce Scotland’s carbon emissions and strengthen our ever-growing green credentials.”