The capital has been secured by Aberdeen-based developer Ardent Group.

The four-bedroom lodges will be constructed on a 6.27-acre site at Clashwood, near St Andrews.

The development will include private hot tubs, high quality interiors and landscaped surroundings.

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“OakNorth took the time to understand both the opportunity and our operational track record in self-catering accommodation,” said Robin Keane, director at Ardent Group. 

“Their speed, flexibility and ability to support a complex development-led project made them the right funding partner for us, and we look forward to working with them as we bring this scheme to life.”

Matteas Law, associate director of debt finance at OakNorth, added: “Ardent Group has a strong track record across property development and hospitality, and this scheme benefits from an exceptional location in one of Scotland’s most resilient and high-performing leisure markets.

“St Andrews continues to see robust demand from both domestic and overseas visitors — this, combined with the high-quality nature of the proposed accommodation, made this an attractive opportunity to support an experienced sponsor delivering a differentiated product in a prime market.”