Edinburgh gets £42 million Scottish Government funding for affordable housing at Granton waterfront development
The Scottish Government today announced £42 million of new investment to allow hundreds of affordable homes to be built in the first phase of Scotland's largest brownfield regeneration project at Edinburgh’s Granton waterfront.
Work is expected to start early next year on what will be the country’s biggest low carbon housing development.
The site, which is on former industrial land, will feature 847 net-zero homes, including 387 affordable homes, a new primary school and space for 14 businesses.
It is part of a wider £1.3 billion programme to regenerate Granton Waterfront which will ultimately deliver 3,500 new homes, space for leisure facilities and Scotland's largest coastal park.
The new funding package is being provided to Edinburgh City Council over a 20-year period. Payment is conditional on the council meeting targets including creating job and apprenticeship opportunities and investing in non-profit organisations to tackle disadvantage in the north of Edinburgh.
Making the announcement, Deputy First Minister Kate Forbes said: Deputy First Minister Kate Forbes said: "This investment demonstrates our commitment to tackling Scotland's housing and climate emergencies while supporting communities that need it most.
“By working in partnership with the city council, we're unlocking £220 million in private sector investment to transform Granton Waterfront into a thriving coastal community with hundreds of net zero homes, a new school and business space.
“Communities in Granton are at the centre of this project and will directly benefit from improved transport links, green spaces and job opportunities as we regenerate this important brownfield site.”
And the announcement was hailed by council leader Jane Meagher. She said: “I welcome this funding to help us deliver the first phase of this hugely significant £1.3 billion regeneration project at Granton Waterfront in the north of the capital.
“The regeneration of Granton Waterfront is about helping make Edinburgh more inclusive by improving educational attainment, health and well-being, local employment opportunities, and eradicating child poverty.
“I’m really pleased we’ve received this new funding as we’re committed to delivering these important outcomes to create better opportunities for the people living in this area.”
The Scottish Government funding will be paid to Edinburgh at up to £2.1 million per year over a 20-year period for the first phase of the regeneration, conditional on the council meeting targets on the delivery of walking and cycling routes, green spaces, construction skills training for local secondary pupils, investment in non-profit organisations and establishing a fund to reinvest developer contributions in jobs and businesses in Granton.
The Scottish Government is providing an additional £16 million towards the first phase of the project through its contribution to the Edinburgh and South East Scotland City Region Deal.
Public sector investment is estimated to leverage a further £220 million of private sector investment in houses and business space.