Nixon Blue secures Paragon funding package for apartments development
Nixon Blue has secured a £4.5m funding package from Paragon Development Finance, introduced by Melrose Commercial Finance Ltd, to support the development of 34 new apartments overlooking Paisley’s iconic Abbey.
The Millhouse development will bring 34 contemporary two and three-bedroom apartments to the town as well as two new restaurants.
Many of the apartments will enjoy spectacular views of the 12th century Abbey, the Anchor Mill, and the Victorian Town Hall. Set over six storeys, the site occupies a prime location in the historic town and forms part of the regeneration of the riverside area.
The key principals behind Nixon Blue are joint managing directors Richard McFadzean and Colin McIntyre. Paisley-born developer Richard said, “The revival of this derelict site is an ambition that myself and Colin spotted a couple of years ago. The abandonment of the former nightclub was an eyesore for many years, and we look forward to transforming this area into a thriving and vibrant community for residents.
“Working with Paragon, we are able to realise our ambitions and bring a sizeable investment, on-site jobs and build a new future for this site. Securing funding from Paragon is critical to the project and we hope to build on our relationship for future Nixon Blue developments. Let’s hope this is the first deal of many.”
Gillian Melrose, Melrose Commercial Finance Ltd, added: “I am delighted that Paragon Development Finance are supporting my developer client, Nixon Blue, on this project and that they recognise the potential to back Richard and Colin in their growth going forward.”
Robert Orr, managing director of Paragon Development Finance, said: “This scheme demonstrates how well-designed, considerate property development can regenerate an area to provide homes that people want to live in and commercial space that will provide retail opportunities. We’re delighted to support Richard and Colin at Nixon Blue, which is developing an impressive track record for good quality property development in Scotland.”
Works have commenced and The Millhouse is due to complete in Autumn 2022. The apartments are now on sale with Savills.
