St Andrews guesthouse transformed with Bank of Scotland backing

The 225 sq ft Georgian property is located opposite the University of St Andrews and is being transformed into four two-bedroom modern apartments. The property, Deveron House, had previously been operating as a guesthouse for 12 years.

Owners Graham and Marion Proctor, recognised the growing pressure on the private property market as the number of house hunters looking to buy property in Fife has continued to increase by 13 per cent year-on-year since 2014.

To capitalise on the gap in the market, the Proctors gained support from Bank of Scotland that would allow them to convert the building into new homes.

Graham Proctor said: “The support we’ve received from Bank of Scotland allowed us to completely renovate the 1840s building and create a modern development. We’re expecting to complete the remodelling within the next month and have already received positive enquiries from potential buyers.”

Louise Fraser, relationship manager at Bank of Scotland, said: “St Andrews is a very popular place for people to live, with the population more than doubling during term time. The regeneration of surrounding areas like Dundee’s Waterfront and the opening of the V&A have helped expand the wide range of facilities available to those living in the East Neuk of Fife, making the area an attractive place for people to buy property.

“Adapting to market changes is essential to the future success of a business. We will always be ready to help other small businesses make the most of opportunities presented as market changes occur, underpinning our commitment to help Britain prosper.

“We recently committed to lend up to £1.6 billion to Scottish firms, just one of the ways we continue this support. Whether it’s hospitality, property, or healthcare, we will continue to be by the side of business.”