The City of Edinburgh Council has secured a £38.4M loan from the UK Government’s National Wealth Fund (NWF) to finance enabling works for the first phase of the Granton Waterfront regeneration.
Granton Waterfront, on the city’s north coast, is among Scotland’s largest brownfield redevelopment projects.
The full scheme is expected to deliver about 3,500 energy‑efficient homes, along with leisure space and what is described as Scotland’s largest coastal park.
It forms part of a wider £1.3bn programme to transform the former industrial site.
The council said the NWF money will pay for land remediation, road and utility infrastructure and public realm works necessary to “unlock” further private sector investment.
It estimates the enabling works financed by the loan will pave the way for a further £160M of private investment and allow serviced plots to be built out by its development partner.
Phase 1 of the project is planned to deliver 847 homes, including 214 social houses, a new primary school and space for 14 ground‑floor retail units.
The council and project backers have emphasised the development’s role in addressing local housing shortages by increasing supply of both private and social homes.
NWF chief executive Oliver Holbourn said: “It’s great to be working with leaders at the City of Edinburgh Council to help deliver their ambitious local growth plans, including through regeneration projects like Granton Waterfront, delivering meaningful change to people, places and businesses in the region.”
City of Edinburgh Council leader Jane Meagher said: “We are grateful to the NWF for its support through a cost-effective loan, which is helping to enable the works for the first phase of this ambitious project.
“Phase 1 forms part of a wider £1.3bn programme to regenerate Granton, transforming what was once a neglected part of the city into a thriving and desirable place to live, work and visit.”
She added: “As the largest public sector led project of its kind in Scotland, it will continue to set the standard for sustainable economic growth in Edinburgh for years to come, whilst responding to the ongoing housing emergency.”
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