By Peter A Walker

Copyright insider

Strathedin Properties has been backed by a £5.3m funding package from Bank of Scotland to revamp historic properties in Edinburgh and Glasgow.

In Church Hill, the family-run developer has acquired a historic residence, which it plans to turn into six city-centre homes, while in Glasgow’s Carlton Place, the former Prince & Princess of Wales Hospice is being redeveloped into 99 apartments.

The five-year property and asset loan will support both immediate projects, as well as long-term growth plans. £3.55m of the facility consolidated an existing loan, removing a fixed repayment date and enabling Strathedin to direct resources, along with the remaining funds, into delivering developments.

Founded in 1983 by civil engineer Dr Humayun Reza, he is now joined by his daughter, an architect, and his son, who supports with the company’s finances.

The Edinburgh-based firm has completed more than 15,000 projects across the UK, from the Palmerston and Grosvenor Suites in Edinburgh to renovations in London’s Marylebone.

To support a growing pipeline of projects, the firm expects to hire 18 more staff in the coming months.

“When I converted my own home into flats in the early 1980s, I had no idea it would grow into this,“ said Reza senior. “I started out as a civil engineer, not a businessman, and no one else in my family had ever run a company.

“I began by focusing on restoring small residential homes and cottages in and around Edinburgh – it was about making the most of what was already there, breathing new life into tired buildings.

“For me now, with a background in engineering and a lifelong passion for heritage architecture, what still matters is bringing precision and care to every project we take on,“ he continued, adding: “I’m proud to now have my children working alongside me.”

Ross Penman, relationship manager at Bank of Scotland, added: “Strathedin is a great example of a heritage-led developer that’s thinking big.

“From restoring listed buildings to delivering major regeneration projects, they’re helping shape the future of Scotland’s cities and beyond. “

Separately, development finance lender Atelier has announced the completion of a £7.6m development loan, structured at 67% loan-to-value, to fund a 60-bed care home in Paisley.

The loan will be structured over a 24-month term and will assist with the acquisition, conversion and refurbishment of an existing vacant purpose-built care home.

This is Atelier’s fourth transaction with the borrower, a UK-wide care home operator. The new development will offer residential, dementia and nursing care to its residents.

Rav Kudhail, lending director at Atelier, commented: “This loan will enable our borrower to acquire the site and provides a six-month mobilisation period to finalise construction packages.

“This is Atelier’s fourth transaction with the borrower – a leading UK care home operator – providing financing to enable them to revitalise an existing care home and provide a new 60-bed care facility.”

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