McKernan Homes secures £1.93m funding package from Bank of Scotland to build sustainable development
Cumbernauld-based housing developer McKernan Homes has secured a £1.93 million funding package from Bank of Scotland to help build a new eco-friendly development in Dennistoun, East Glasgow.
The funding has been provided through the bank’s Clean Growth Finance Initiative (CGFI) which provides discounted lending to help firms invest in sustainable projects.
It will be used to introduce sustainable measures throughout each of the 24 two-bedroom flats, including solar panels on the roof, weather compensators on the boilers, electric charging points in the car park, and increased levels of insulation to efficiently retain heat.
McKernan Homes has a strong track record of developing sustainable, luxury housing and has been trading in Scotland since 1999.
The ‘Cinema’ development is the latest addition in McKernan Homes’ portfolio of sustainable developments. Last year, the business secured a £1.5m funding package from Bank of Scotland comprising a development loan and CGFI funding, which helped towards the completion of 23 four-bedroom luxury villas in Airdrie, each with roof solar panels, industry-leading insulation and heat-retaining windows.
This latest development has provided employment for 20 local contractors and is due to complete by Christmas 2021.
Peter McKernan, managing director of McKernan Homes, said: “The construction industry has a key part to play in the country’s push to achieve net-zero carbon emissions. While a lot has been achieved already, we know the sector can do more to lower its carbon footprint. That’s why we’re proud to be delivering more sustainable housing this year in our efforts to contribute to a greener economy.
“The support from Bank of Scotland has been vital in helping us realise our green ambitions, both on previous developments, and with this new project.
“Building luxury housing in an environmentally friendly way is important not only to minimise our carbon footprint but to meet growing consumer demand for properties that blend sustainability with high-end finishes. We hope to see this approach adopted more widely across the industry as we move towards greener ways of working.”
Grahame Andrew, relationship director at Bank of Scotland, added: ”We know that the past twelve months have been incredibly challenging for the construction industry so it’s encouraging to see firms focus on opportunities that will see them grow and thrive.
“McKernan Homes has a track record of developing low-carbon, eco-friendly properties to a very high spec and it has been a pleasure to support them on their latest project. We will continue to be by the side of businesses across Scotland as we work towards recovery.”