The success of the Scottish government’s SPRUCE (Scottish Partnership for Regeneration in Urban Centres) fund has resulted in more funding being made available for regeneration projects.
An initial £50M was invested by means of a loan in regeneration and energy efficiency schemes across Scotland. The loans are now being repaid with some even being made ahead of schedule, meaning the money can be reinvested and used to deliver further regeneration projects.
Housing Minister, Kevin Stewart, announced £8.9M to support refurbished office space in central Edinburgh. Visiting the project at Greenside, Mr Stewart said: “I’m really pleased to be here today to see the work to transform Greenside, perhaps better known in Edinburgh as the former headquarters of Scottish Equitable. When it’s completed it’ll provide modern, innovative and energy efficient offices on a UNESCO heritage site.
The Housing Minister said that the project would support 39 apprenticeships and training opportunities and provide employment for up to 425 people once the building is complete. Mr Stewart added: “What makes this investment so exciting is that the SPRUCE fund has already provided £50M to regenerate urban areas and it’s been so successful, we have added a further £15M to the pot. SPRUCE loans are now being recycled with the repayments being used to deliver yet more new infrastructure, supporting the economy and jobs and transforming our communities for the better.”
Source – UK Construction Online