LAR completes record deal with purchase of 64 homes
The organisation has agreed to purchase 64 homes at a site being developed by Cruden Estates Limited on Helenvale Street, just a short walk from the Sir Chris Hoy Velodrome. This is LAR’s single biggest development across Scotland.
The Fife-based organisation, which was set up two years ago to provide much needed mid market rental properties across Scotland, has agreed to purchase the units for an undisclosed sum.
LAR chief executive, Ann Leslie, said: “We’re delighted to have concluded this deal, which is just our second in Glasgow. Local housing associations and the city council have been very welcoming to us and we will certainly be looking for other sites in Glasgow in due course.
“We have 21 sites already built or under construction across Scotland and this will be our largest to date. These will be excellent homes just a short distance from the city centre and we expect considerable interest in due course from prospective tenants.”
The 64 homes are all two-bed flats and construction work is scheduled to start imminently. LAR’s other Glasgow development is also in the east end, at the site of the former Belvidere Hospital.
LAR and Cruden have also collaborated on a project in East Lothian, with construction nearing completion at a shorefront location in Cockenzie.
Cruden Group managing director, Kevin Reid, said: “We are delighted to have been able to introduce this site to LAR, and to now be working collaboratively with them across Scotland. Hopefully this will be the start of a close working relationship that we can develop onwards.”
The work will be completed in phases and LAR expects its first tenants to move in by summer 2019 with the last phase ready for occupation by autumn 2019.