OakNorth, the digital bank for entrepreneurs, has announced the completion of an £8.3 million loan to Chrysalis Homes Limited. The funding will support the construction of Waterside at Dargavel Village, a major new retirement living scheme in Bishopton, Renfrewshire.

The project is backed by Highland & Universal Investments Limited, the investment vehicle of renowned Scottish entrepreneur and property investor Dame Ann Gloag. Advisory services for the transaction were provided by Greyfriars Investments.

Project Specifications

The development will consist of a four-storey building housing 49 high-specification retirement apartments. Designed to meet the growing demand for "future-ready" senior housing in the West of Scotland, the scheme will be managed by McCarthy & Stone, the UK's leading provider of retirement living services.

Key features of Waterside at Dargavel Village include:

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• Energy Efficiency: Modern, sustainable design to reduce living costs for residents.

• Prime Location: Situated within the heart of the Dargavel Village regeneration site.

• Target Demographic: Specifically designed for older residents wishing to remain within their local community while accessing tailored amenities.

Waterside forms a critical component of the wider Dargavel Village masterplan. Located on a former BAE Systems site, the project is one of Scotland's largest brownfield redevelopments.

By its scheduled completion in 2034, Dargavel Village is expected to provide 4,000 new homes, alongside significant commercial space and community infrastructure. To date, more than 2,000 homes have already been delivered, contributing to substantial economic growth in the Bishopton area.

Fraser McPhail, Senior Director of Debt Finance at OakNorth, commented: "Dargavel Village is a flagship regeneration project for the West of Scotland, and the Waterside scheme will play an important role in expanding high-quality retirement living options in the region. With a rapidly ageing population and a notable lack of local supply, this development addresses a clear and growing need."

Linda Docherty, Sales Director at Chrysalis Homes, added: "In bringing this project forward, we were looking for a funding partner that not only understood the technical requirements of retirement living but also had a deep appreciation of the unique dynamics within the Scottish residential market. OakNorth's responsiveness made them an ideal partner."

Construction on the Waterside scheme is expected to progress throughout 2026, with the first residents anticipated later in the year.