Granton Waterfront regeneration backed by National Wealth Fund

The development is one of Scotland’s largest brownfield regeneration projects, transforming a disused former industrial site into a new coastal community in the north of Edinburgh. The full development will deliver around 3,500 energy efficient homes, supporting the city’s response to the housing emergency.

The Fund’s backing will help the council deliver the enabling infrastructure that is needed to unlock further private sector investment as part of a first phase of regeneration. National Wealth Fund capital will support land remediation, the provision of road and utility infrastructure, and wider public realm works.

Granton Waterfront is one of seven priority strategic sites in the Edinburgh and South-East Scotland City Region deal and a key site in Edinburgh’s city plan. The Scottish Government designated it as a site for national development in the National Planning Framework 4, making it a significant development of national importance to deliver Scotland’s spatial strategy.

By providing cost-effective financing for the enabling works, the Fund’s intervention will ensure serviced plots of land are created to allow homes for sale to be taken forward by the council’s development partner. This will represent a further £160m of private sector investment in the regeneration of Granton Waterfront. The Fund’s involvement improves the financial viability of the project by allowing the council to benefit from a more bespoke low-cost lending facility.

Enabling work is underway on phase one which, once completed, will deliver 847 homes, including 214 new social houses, a new primary school and space for 14 ground floor retail units. This first phase is part of a wider £1.3 billion programme to regenerate Granton Waterfront which will deliver 3,500 new homes, space for leisure facilities and Scotland’s largest coastal park.

Oliver Holbourn, CEO of the National Wealth Fund, 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 National Wealth Fund 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 £1.3 billion 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.

“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.”