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Buildings to be converted

£3m backing for AMA Homes scheme

AMA HomesAMA Homes has secured a £3 million loan for a residential and commercial development which marks the first transaction in Scotland for business and property bank OakNorth.

The loan will help the firm turn the adjoining Belford House and Douglas House buildings in Edinburgh into 50 apartments and 2,000 sq ft of commercial space.

Belford House, a seven-storey, 23,000 sq. ft. office building, is owned by AMA which also owns the ground and first floor of five-storey Douglas House, extending to a total of 14,768 sq. ft.

Last year saw a 17% increase in new prospective buyers registering in the second quarter and a 3% increase in viewings year on year.

However, this rising demand has not been matched by an uptake in supply which has resulted in heightened competition for best in class properties and some selling for above their Home Report valuations.

AMA Homes is behind several of the country’s developments, including Evolution West Port and Springside in Fountainbridge.

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