Digital bank OakNorth has completed an £8.3 million loan to property developer Ardent Group to facilitate a new luxury leisure development near St Andrews.

The funding will be used to construct 21 high-end, four-bedroom holiday lodges on a 6.27-acre site at Clashwood. Located less than two miles southwest of the historic town, the development is positioned on a key arterial route connecting St Andrews to Edinburgh and the central belt. Each lodge is designed to offer premium amenities, including private hot tubs and high-quality interiors set within landscaped grounds.

The project aims to capture the high demand from affluent leisure travellers, including international visitors, wedding parties, and the region's significant golf tourism market.

Ardent Group, established in 2001 and operated by the Keane family, possesses an extensive portfolio across Scotland and Ireland. Their expertise spans residential and mixed-use schemes as well as hospitality assets, including pubs, retail units, and self-catering accommodation.

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Robin Keane, Director of Ardent Group, commented: "St Andrews is one of the most desirable leisure destinations in the UK, with year-round demand driven by golf tourism, the university and its international appeal. We've spent considerable time refining the planning and specification for this scheme to ensure it delivers a genuinely premium product that reflects the quality of the location. OakNorth took the time to understand both the opportunity and our operational track record in self-catering accommodation. Their speed, flexibility and ability to support a complex development-led project made them the right funding partner for us, and we look forward to working with them as we bring this scheme to life."

Matteas Law, Associate Director of Debt Finance at OakNorth, added: "Ardent Group has a strong track record across property development and hospitality, and this scheme benefits from an exceptional location in one of Scotland's most resilient and high-performing leisure markets. St Andrews continues to see robust demand from both domestic and overseas visitors, supported by its global reputation, limited accommodation supply and major events such as The Open Championship. This, combined with the high-quality nature of the proposed accommodation, made this an attractive opportunity to support an experienced sponsor delivering a differentiated product in a prime market."