Dundashill, a sustainable housing scheme by igloo Regeneration in Glasgow, has reached practical completion, delivering 78 energy-efficient homes for the region.
The scheme was funded through a £15.9m facility from Paragon Bank, repaid in full nearly six months ahead of schedule due to strong sales.
Housing Growth Partnership and igloo also provided equity funding.
Construction on the first phase started in January 2023 and took just over two years.
The phase includes 78 three- and four-bedroom homes, all achieving an energy performance certificate (EPC) rating of A.
All homes were built off-site by CCG Scotland using modular methods, and fitted with solar panels, air source heat pumps and shower water heat recovery systems.
The project benefited from the Paragon Development Finance Green Homes Initiative, a £300m fund supporting sustainable homebuilding.
Sam Lingawi, partnerships and investment director at igloo, and Gary Watt, development director at igloo, said: “We’re delighted that Dundashill is now complete and we have been able to repay our facility to Paragon in full, whilst also taking advantage of the bank’s Green Homes Initiative – a great incentive for companies like igloo that prioritise building sustainable schemes.
“Toby and Josh have been great to work with, and we’re looking forward to carrying on our partnership with them in the coming years.”
Looking ahead, igloo has submitted a planning application for the next phase at Dundashill, aiming to deliver 88 more homes. A decision is expected in the coming weeks.
Toby Burgess, relationship director at Paragon Development Finance, said: “This was our first scheme working with igloo and it’s fantastic to see the initial phase of private homes at Dundashill reach practical completion and residents living on site now.
“This early repayment underlines the market demand for high-quality, sustainable housing in the area.
“The scheme is truly forward-thinking and a great example of where the housing market should be going, with Igloo having put significant thought into the design and development.”
Burgess added: “They have put the residents at the heart of everything they do. We look forward to working with Sammir Lingawi and Gary Watt again on another exciting scheme, as well as the fantastic teams at HGP and igloo, whose equity investments and commitment to delivering quality housing made this possible.”
Mike Murphy, investment director at HGP, said: “Alongside Paragon’s debt financing, our JV with igloo provided the much needed equity to fund the delivery of the Dundashill project.
“This is the first residential development financed and completed through this JV, which underscores the need for equity financing to get new homes off the ground in regional cities and the importance of close partnerships and collaboration in supporting developers like igloo in their mission of creating sustainable and quality homes at speed.”
