Dubbed ‘Project SVG’, it required the conversion of a derelict storage/office unit in Morningside, which had laid empty for over 10 years.

The property sits next to the historical landmark ‘Wild West’; once an American-inspired advertisement for South Western Furniture Company, which now attracts tourists from across the globe.

Shepha Properties was founded in 2018 by Niyi and Elizabeth Oludipe, who both possess a strong background in financial services. It specialises in converting old properties across Edinburgh and the wider country into high quality homes, before either selling them on or retaining and renting them out.

Niyi said: “Our mission is to contribute towards tackling the UK housing shortage one family at a time.

“We employ a simple model of securing old, empty or derelict properties and developing them into high quality living accommodation for professionals, young couples and growing families.”

The property had been part of a larger development completed in 2009 but the developer abandoned its original plans to use the unit as an office space. 

Niyi said: “We had to undertake a lot of work to bring the building up to scratch. It was quite amusing, the entire way through the project tourists were turning up to see the building next door!

“Project SVG required full plumbing works, electrical installation, the creation of new rooms and an ensuite, and the installation of a new staircase and new floorings. Externally, a demolition and rebuild of the frontal facade of the property was also needed. 

“However, the end result is a beautiful, compact space perfect for young professionals or families in the city.”

A study from Together, which has a loan book of £7.6 billion, found that currently over 93,000 properties are sat abandoned and derelict in Scotland, which could deliver nearly £18.5bn in value if redeveloped and planning eased.

Steven Clark, corporate relationship director at Together, said: “The challenges across Scotland are no secret; but at Together we firmly believe the answer to addressing the country’s lack of housing stock lies with SME homebuilders.

“However, they need help. Issues like rent caps, access to finance, supply and labour shortages have all contributed towards making an environment that is difficult for them to survive.”

Since 2017, the proportion of housing in Scotland delivered by SME housebuilders has halved. Yet further research from Together found that SME business owners and lenders based in Scotland are keen to invest an average of £1,030,499 into their business over the next two years.

The same study showed that 19% believe that a lack of investment breaks and benefits from local and national government are creating barriers.  

Steven said: “Shepha Properties is the perfect example of the success SMEs can achieve with the right support. With numerous buildings standing empty and abandoned across the country, it has done incredible work breathing life back into them and providing beautiful homes to the area.

“At Together, we are dedicated to doing all we can to helping organisations across Scotland access the finance required to deliver the housing we so desperately need.”

Niyi added: “Access to finance is a big hurdle to so many SME housebuilders like us, so to find a lender like Together who takes the time to get to know us as a company and build a relationship with us makes all the difference.

“We have now completed more than 20 projects using finance from them, and hope to take on more in the future.”