Clydesdale Bank plays instrumental role in Glasgow housing transfer process

03/08/2011

Clydesdale Bank has provided funding to facilitate the completion of a major housing stock transfer programme.

The Bank has provided facilities amounting to £11 million to support the transfer of 1,241 residential properties from Glasgow Housing Association (GHA) – 857 to Milnbank Housing Association and 384 to Calvay Housing Association – as part of the last phase of GHA’s Second Stage Transfer (SST).

In total, almost 19,000 homes have been transferred under the SST since 2009, in a bid to bring improved local control to residents.

Clydesdale Bank negotiated a £4 million deal with Milnbank Housing Association, which will see the number of rented properties managed by the association increase from 840 to 1,697.  A £7 million deal with Calvay Housing Association will see the number of properties managed increase from 519 to 903. 

These deals follow a similar agreement earlier this year which saw Clydesdale Bank provide facilities amounting to £17.5 million to support the transfer of nearly 3000 properties and 70 staff from GHA to North Glasgow Housing Association.

Michael Dawson, director of Calvay Housing Association, said:

“The completion of the SST marks the start of an exciting new era for residents of housing associations throughout Glasgow. The focus of this entire programme has been about providing real local control for tenants, giving them a much bigger say on the issues that affect them.”

Alan Benson, director of Milnbank Housing Association, said:

“As a result of the SST, Milnbank Housing Association has effectively doubled in size – now managing 1,697 rented properties up from 840.  We are committed to empowering our tenants and we believe that this process will give the people of Dennistoun and Haghill a real say over the governance of their housing.

“We are delighted with the support we have received from the team at Clydesdale Bank in ensuring a smooth and effective transfer process and we look forward to working closely with them as we progress our plans following its completion.”

Stephen Fleming, business development partner at Clydesdale Bank’s Glasgow Financial Solutions Centre, commented:

“Between them, Milnbank Housing Association and Calvay Housing Association have over 50 years experience of delivering top quality homes and services to tenants and residents across their respective areas.

“The teams are focused on the key priorities for the communities they serve and have a clear vision of how to bring the maximum benefit to residents within their associations. Clydesdale Bank is pleased to be able to support these two associations in their ambitious plans for bringing improved local control to key areas of Glasgow.”