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Glasgow landlord celebrates 40th birthday with £3 million renovation programme thanks to Clydesdale Bank

24 August 2015

Milnbank Housing Association in Glasgow is embarking on a £3 million maintenance programme that will benefit thousands of tenants, after agreeing new funding with Clydesdale Bank.

The community-based housing association, which was founded in 1975, owns and manages 1,700 properties and provides factor services to a further 1,000 homes in the East End of Glasgow.

The organisation is celebrating its 40th birthday with a £3 million maintenance programme that will include windows replacement and kitchen upgrades at a selection of its properties. Other tenants will benefit from tenement close upgrades.

The renovations are being delivered with the support of a £3 million funding package from Clydesdale Bank’s specialist social housing team.

Milnbank has been a Clydesdale Bank customer for 19 years. In 2011, the Bank provided funding to facilitate the transfer of housing stock from Glasgow Housing Association (GHA) to the community housing association, based in Dennistoun – effectively doubling its size.

Drew McPhail, finance manager at Milnbank Housing Association, said: “Clydesdale Bank’s innovative funding package has enabled us to bring forward a maintenance programme originally planned for 2016-17 and beyond to celebrate our 40th anniversary in style.

“We are accelerating the programme in order to benefit from low interest rates. It was a relatively easy transaction to achieve in difficult times.

“Clydesdale Bank is helping us to deliver better homes more quickly. It is definitely a model we will consider again.”

Elaine Reed, Head of Social Housing at Clydesdale Bank, said: “It gives us great pleasure to support Milnbank’s exciting maintenance plans, which will deliver improved homes for families in Glasgow’s East End.

“Clydesdale Bank is committed to the social housing sector. We aim to grow our presence further in the coming months and establish a managed portfolio based on sustainable lending, developing relationships with strong covenant borrowers.”

Elaine, who has more than 30 years’ experience in the social housing sector, recently joined Clydesdale Bank from Cooperative Bank where she managed assets of £850 million. She began her career at the Housing Corporation managing a team responsible for allocating and monitoring take up of social housing grants.

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