Scottish housebuilder shines ray of sunshine on Leith with new development
A Scottish housebuilder is transforming a former Edinburgh industrial site into 77 new homes, thanks to a £5.8million funding package.
MNM Developments has started construction on The Tayworks, a new £12m development located in the city’s popular Leith area, on West Bowling Green Street.
The new development consists of 77 one, two, and three-bedroom apartments, with 14 of these already reserved. Housing association, Places for People, has also acquired 14 of the 77 properties to market as affordable housing.
The housebuilder is headed up by sibling trio, Marc, Nathan, and Michaela Teague. In addition to The Tayworks, the family-run firm recently completed The Market development in Bonnyrigg and has sites underway at Willowbrae Road in Edinburgh, and Castlemains in Dirleton. Over the past five years the firm has built over 100 properties across Edinburgh and the Lothians and has developed a reputation in providing a quality build at affordable prices.
Progress through Covid
Despite the Covid-19 pandemic halting construction of The Tayworks for four months, the firm has managed to adapt its original build plan and is now only five weeks away from its original completion date. It will welcome its first homeowners from October 2021.
We provided the business with a £5.8million development loan, supporting the firm in the build of the site. The development itself also created around 50 jobs for local sub-contractors.
Marc Teague, managing director at MNM Developments, said: “We were just breaking ground at The Tayworks site when Covid-19 hit. Despite the pause in operations, construction is now back underway, and the response so far has been brilliant.
“Leith is an increasingly popular area to live and work, and there’s been a great deal of redevelopment in this area in the last decade. It was also named one of the coolest places to live recently by Time Out so we’re confident these properties will sell quickly.
“As a family business, we’ve had a long-standing relationship with Bank of Scotland. The financial support and guidance the bank has provided has been invaluable in bringing The Tayworks to the market, and we look forward to welcoming the new homeowners next year.”
Douglas Spowart, relationship director at Bank of Scotland, said: “The past eight months have been extremely difficult for firms in the construction sector. So it’s heartening to see some firms turning these challenges into new opportunities.
“Property prices in Leith are up 5% on last year such is the demand to relocate to this vibrant area of Edinburgh. This is why it’s encouraging to see firms like MNM Developments capitalise on these positive market trends in order to grow, despite this year’s challenges.
“At Bank of Scotland, we’re working by the side of businesses across all sectors to help support them on the road to recovery.”
The financial support and guidance the bank has provided has been invaluable in bringing The Tayworks to the market, and we look forward to welcoming the new homeowners next year.”
Marc Teague, managing director at MNM Developments
All lending is subject to status.