Lord Haughey sells stake in City to Ediston for £640m
Lord Haughey: housing vision
Scottish Property group Ediston has paid £640m for Lord Haughey’s 24% stake in City Facilities Management Holdings.
The entrepreneur and Ediston have formed a partnership to invest in building 11,000 affordable homes in Scotland over almost a decade.
Lord Haughey claims to have developed a model which will reduce rental costs for young tenants and aims to encourage more people to rent than buying a house and paying for a mortgage.
He hopes that the housebuilding partnership City is forming with Edinburgh-based Ediston will help address the housing shortage in Scotland.
“I’m just trying to help with the housing crisis,” he said. “I read an article that said young people spent more than 50% of their income on housing. I thought there must be a better way than paying for bricks and mortar. These houses won’t be for sale.”
The 64-year-old said the new homes would cost about £700 per month for a 1,200 sq ft property.
“Nobody is providing homes at these prices,” he said.
The first development with Ediston will be in Glasgow’s Gorbals in Crown Street.
Lord Haughey said the development in the Gorbals would comprise 356 luxury apartments of around 1,200 sq ft and will include 87 electric charging stations and 20 electric cars which can be hired by the hour.