The final phase of a major affordable housing development in Kincardine, Fife, has been completed by Kingdom Housing Association after a multi-million pound construction project.

The redevelopment of Devilla in Kincardine began nearly eight years ago on the site of three former blocks of high rise flats. The development has delivered 133 new homes providing housing for a range of affordable housing tenures, including social rent, mid-market rent and private sale.

The total project cost around £18 million, with the Scottish Government and Fife Council providing approximately £10m in subsidy to support the redevelopment with the balance of the funding raised by Kingdom.

The latest phase, the third and final aspect of the work, saw the construction of 49 properties in total, providing 2 homes for social rent, 31 homes for Mid-Market Rent (MMR) and 16 homes for Affordable Sale to Priority Purchasers, supported by Scottish Government grant funding and investment through Allia’s charitable bond programme. Work on this final phase began in April 2016 and was finished in December 2017.

The new homes for MMR and sale were provided by Kingdom Initiatives, a subsidiary of Kingdom Housing Association.

Bill Banks, Kingdom’s chief executive, said: “This has been a very successful regeneration project progressed through collaborative working with the community and various partners. Close collaboration with Fife Council enabled the project to proceed and Kingdom Initiatives were able to access the private funding for the project through the on-lending of funds, from Kingdom Housing Association, that were raised through the Allia bond, which provided £2.75m, of the private funding with £1.85m being the receipts from sales recycled back in to future Kingdom Initiatives provision.”

Nick Pollard, director of corporate support services for Kingdom, said: “The funding Kingdom obtained through Allia’s charitable bond programme with Scottish Government was complementary to this significant multi tenure development at Devilla, Kincardine delivering added benefits in terms of our corporate social responsibility objectives. The 10-year funding is unsecured and the most attractive aspect is that the process for acquiring and on-going management and monitoring of the borrowing was and is both simple, effective and efficient.”

Phil Caroe, director of social finance for Allia, said: “Allia’s charitable bond programme provides funding to help housing associations develop new affordable homes, so it’s great to see how our loan to Kingdom has supported the completion of this new housing development for the benefit of the community in Kincardine.”

Two of the high-rise flats that previously stood on the site were demolished in June 2010, following a council decision to redevelop the area. The other high rise was demolished in 2013, when some new housing had been constructed to meet needs of tenants who wished to remain in the area.

Bill Banks added: “The homes that have all been built to high quality standards and have been designed to meet the building regulations silver sustainability standard. They have highly efficient boilers, waste water and gas flue heat recovery, high levels of insulation and triple glazed windows. The new homes will be very efficient to run for residents and meet Secured by Design standards. Completion of the Devilla development marks a major step forward for the standard of housing available in Kincardine and we are sure it will be a benefit to the community for years to come.”

Dunfermline based Campion Homes acted as the main contractor for the project, which was designed by Oliver & Robb Architects, Scott Bennett Associates, both of Dunfermline, and Langmuir & Hay of Glasgow.