THE Scottish National Investment Bank has announced a £730,000 investment in DITT Construction Ltd to support the build of six one-bedroom homes in Lerwick.
Once complete, they will be the island’s first mid-market rental (MMR) properties, a key tenure of housing need identified by Shetland Island Council in its housing need and demand assessment.
Key workers, including NHS workers, have struggled to find affordable accommodation, and surveys have shown young people are worried there is no future for them on the islands given the challenges with finding housing.
DITT is developing the homes to be EPC B rated and linked to the local heat network. Once complete, they will be purchased by Shetland Island Council and rented out by the local authority.
DITT has been in operation for more than 50 years. In May of this year, the company transferred its entire shareholding into an employee ownership trust, a measure it hopes will help to retain the island’s construction sector talent.
Peter Tait, MD of DITT Construction Ltd, said, “We are haemorrhaging talent and opportunity in Shetland due in part to the lack of affordable places for workers and young people to live. The loan facility from the bank is enabling us to build what we hope are the first of many MMR developments.
“Our move to employee ownership was motivated in part by our desire to ensure we could continue to provide long-term employment opportunities, including our annual intake of apprentices. We know all-to-well the housing challenges workers face, and we are committed to being part of the solution and brining tangible benefits to our community.”
DITT has also invested £400,000 into the MMR housing project.
Alastair McMillen, associate director of sustainable investment, Scottish National Investment Bank, added, “This project is a strong example of our commitment to our place mission, which aims to transform communities and help people thrive. We were particularly attracted to DITT’s move to an employee ownership model and its commitment to addressing local problems, both of which resonate with us as an impact investor.
“Members of a community are best placed to know what they need to support a thriving environment. Our role is to provide them with the means to realise their ambition and unlock multi-fold community benefits.”
