Called ‘Waterside at Dargavel Village’ the scheme in Bishopton will be a four storey, 49-bedroom retirement development. McCarthy & Stone have been appointed to manage the site.

The funding has been secured by Chrysalis Homes, a JV created by Highland & Universal Investments. This is the investment vehicle of Dame Ann Gloag, noted Scottish entrepreneur and property investor.

Both Chrysalis and Highland were advised by Greyfriars Investments.

The retirement development forms part of the wider Dargavel Village regeneration project, where 4,000 homes are to be built on the former BAE Systems site.

Half of these units have already been built with full completion expected by 2034.

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“Dargavel Village is a flagship regeneration project for the West of Scotland, and the Waterside scheme will play an important role in expanding high-quality retirement living options in the region,” said Fraser McPhail, senior director of debt finance at OakNorth.

“With a rapidly ageing population and a notable lack of local supply, this development addresses a clear and growing need.”

Linda Docherty, sales director at Chrysalis Homes, added: “In bringing this project forward, we were looking for a funding partner that not only understood the technical and commercial requirements of retirement living but also had a deep appreciation of the unique dynamics within the Scottish residential market.

“Fraser and the OakNorth team’s responsiveness and flexibility also made them an ideal partner, and we look forward to continuing the relationship as the scheme progresses.”