Business tycoon Lord Willie Haughey has revealed £1 billion plans for his vision to build 11,000 homes in Scotland during the next nine years.
BBC News reports that as part of the plan, Scottish property group Ediston has paid £640 million for his 24 per cent stake in City Facilities Management Holdings, which will be retained within City’s portfolio.
Entrepreneur Lord Haughly claims to have developed a business model that will significantly reduce the rental costs for young tenants and aims to encourage more people to rent than buying a house and paying a mortgage.
“I’m just trying to help with the housing crisis,” he told the BBC
“I read an article that said young people spent more than 50 per cent of their income on housing. I thought there must be a better way than paying for bricks and mortar. These houses won’t be for sale.”
He said that the new homes would cost around £700 per month for a 1,200 square foot property, adding that “nobody is providing homes at these prices.”
The first housing development with Ediston will be in Crown Street in Glasgow’s Gorbals. It will consist of 356 luxury apartments of about 1,200 square feet and include 87 electric charging stations and 20 electric cars which can be hired by the hour.
Lord Haughey said the £640 million from the deal with Ediston would be retained within City Facilities Management Holdings. He said the money would be used to leverage a further £400 million of borrowing to enable it to invest more than £1 billion in building 11,000 homes over the next nine years.
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