Tag: Bank of Scotland support

Scottish developer aims for hole in one with Juniper Green project

An Edinburgh-based property developer has broken ground on a new housing project on the outskirts of the city, with support from Bank of Scotland.

Gallo & Gallo Developments is a family-run business that specialises in developing luxury residential properties across Edinburgh. The firm is run by Riccardo and Mary-Anne Gallo, with Riccardo overseeing the construction process while his wife Mary-Anne specialises in interior design through her own company, Mary-Anne Gallo Interiors.

Since 2008, the business has renovated and developed properties across Edinburgh, helping it achieve an annual turnover of more than £3 million.

Now, the firm is focused on plans for a new five-property development beside Baberton Golf Club in Juniper Green. To facilitate the project, Gallo & Gallo Developments approached Bank of Scotland, securing a seven-figure development funding package to support the build of the new homes.

The new development will feature four ‘upside down’ townhouses, with kitchens and living rooms located on the top floor to take advantage of the views of Edinburgh Castle, while the bedrooms will be located on the lower floors. The former professional golf shop at Baberton Golf Club will also be converted, taking the total number of townhouses to five.

The new homes are designed for families and early retirees and are expected to complete by early Spring 2022.

Gallo & Gallo Developments is also planning to embark on its first venture outside of Edinburgh, with a new multi-unit project in Gullane, East Lothian. This development is expected to go live mid-2022.

Riccardo Gallo, director at Gallo & Gallo Developments, said: “Myself and Mary-Anne have always had a passion for property development and renovation, and we’ve spent more than a decade expanding our footprint here in Edinburgh.

“When we spotted the opportunity in Juniper Green, we knew it would be the perfect next venture for us. While the scale of the development meant it would be our biggest challenge to date, it’s a tremendously exciting project for us. Thanks to Bank of Scotland, we’ve been able to secure the finance required during a time where demand for residential property in the capital continues to grow. 

“That said, this demand is extending with people increasingly keen to live beyond the city limits. This is why we’re hoping to break ground on a new development in Gullane in summer next year and continue to grow our portfolio across the central belt of Scotland.”

Douglas Spowart, relationship director at Bank of Scotland, said: “The latest monthly House Price Report from ESPC has shown that house prices in Edinburgh are still rising as buyer demand continues to outweigh supply.*

“Gallo & Gallo Development’s new project will provide a range of new properties for families in Edinburgh and boost the supply of residential properties in the city.

“We’ll continue to support the business as it continues on its growth journey, and also stand by firms in other sectors as they look to take advantage of new and exciting growth opportunities.”

* https://espc.com/news/post/house-price-report-october-2021

Craigie’s Farm develops ‘udderly brilliant’ new adventure park!

A family-run Scottish farm village is set to open a new adventure farm park and café in June, thanks to a £500,000 funding package from Bank of Scotland.

Craigie’s Farm in Queensferry is home to a deli café, shop and farm park, and is run by John Sinclair and his family, who took over the operation from his parents in 1995.

The new Little Farmers adventure farm park will house a timber play park for children and a new café seating 150 people.

The 1200m² development doubles the current size of the park, and now features a newly revamped animal shed with six pens of animals for visitors to meet.

To support the development, the business approached Bank of Scotland and received a £500,000 funding package and a £65,000 Clean Growth Funding Initiative (CGFI) loan to acquire a 120kW ground source heat pump and a 50kW solar installation which will help reduce the business’ carbon footprint.

The Clean Growth Funding Initiative offers discounted lending for green purposes to help businesses reduce their environmental impact.

The new attraction is now set to open on 8th June and the business will be looking to hire 10 new members of staff after all current staff have been brought back from furlough.

John Sinclair, founder of Craigie’s Farm, said: “Craigie’s Farm normally welcomes more than a quarter of a million visitors a year with people travelling from Edinburgh, Glasgow and Fife to visit our café and farm shop.

“The pandemic has been challenging for the business, but it also gave us an opportunity to develop Little Farmers. Thanks to the support from Bank of Scotland we’ve been able to complete the new development that will provide more activities for visitors and boost employment in the local area.

“As restrictions continue to ease, we are looking forward to getting back to some form of normality and hope the opening of Little Farmers will give us a real boost this summer.”

Julie McLaren, relationship manager at Bank of Scotland, said: “Craigie’s Farm is a long-standing customer of Bank of Scotland and we were more than happy to support the business’ Little Farmers expansion with a development funding package and CGFI loan to set the project in motion.

”When the pandemic forced the construction of the new development to grind to a halt, we also assisted the business with a six-figure Coronavirus Business Interruption Loan (CBIL) to enable it to manage the disruption and quickly re-start the project once restrictions allowed.

“At Bank of Scotland, we will continue to stand by businesses through these unpredictable times and support them every step of the way to achieve their growth goals and sustainable ambitions.”