Housebuilder to bring more affordable homes to Perth and Kinross thanks to £50m funding

The Housing Association - which builds social housing - already has the Bertha Park development in Perth.

Kingdom Group has unveiled plans to build 500 new homes thanks to £50 million in funding to support its ongoing commitment to building high-quality affordable homes in Perth and Kinross and beyond.

The funding has been provided by Royal Bank of Scotland (RBS) and Bank of Scotland (BoS) and, in conjunction with government grants, allows Kingdom to play its part in tackling the housing emergency in Scotland.

To date, Kingdom has provided 119 homes for social rent and 28 homes for mid-market rent over two build phases at Bertha Park, within the First Minister’s Perthshire North constituency.

Phase three is currently underway with an additional 41 homes being developed for social rent, bringing the total number of homes to 188.

Kingdom - which also has developments in Fife, Clackmannanshire and Falkirk - says renegotiating existing lending arrangements with the banks has also given the firm greater financial flexibility to invest in its existing housing stock. Supporting its net-zero and sustainability agenda, the planned maintenance programme means customers in older homes will over time benefit from lower energy bills and have warmer, more secure homes.

Leigh Grubb, Kingdom’s group director of corporate services said: “The private funding market remains incredibly supportive of Kingdom and appreciates the vital role affordable housing plays in society.

“We received several competitive offers from funders and decided to split the award equally between two of our existing lenders, Royal Bank of Scotland and Lloyds, with whom we continue to have strong relationships and who have consistently supported the sector in Scotland.

“During the current housing emergency, our desire to keep developing new homes remains strong, even though there has been some slowdown in our programme due to government funding restrictions.

“This funding allows us to focus on what matters most, providing high-quality, affordable housing for our customers across the central belt.”

Bruce Davidson, relationship director at Royal Bank of Scotland, said: “At Royal Bank of Scotland we understand the importance in addressing the supply of homes across the country which are fit for the future. We are delighted to have had the opportunity to work with Kingdom and Bank of Scotland to help the business continue to deliver on its commitment to affordable housing to its customers across central Scotland.”

Melanie Russell, Relationship Director for Social Housing, Bank of Scotland, said, “We are delighted to support Kingdom Group in driving forward their mission to deliver high-quality, affordable homes across Scotland. This funding lays the groundwork for the sustainable growth of their business and more financially resilient communities. With our shared commitment to creating modern, accessible housing, we believe we can make a real difference and continue to Help Britain Prosper”.

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