These new homes are specifically designed for key workers and young professionals, who often face significant challenges finding affordable accommodation in Shetland. Once completed, they will become the island's first mid-market rental (MMR) properties, a crucial step in addressing a critical housing need identified by Shetland Island Council.
Housing shortages in Shetland have become a significant concern, with key workers, including NHS staff, struggling to find suitable and affordable places to live. Surveys have also highlighted concerns among young people about their future on the islands due to the difficulty of finding suitable housing.
Developed by DITT, one of Shetland's largest construction companies, the homes will be highly energy-efficient, achieving an EPC B rating and connecting to the local heat network. Upon completion, Shetland Island Council will purchase the properties and make them available for rent.
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DITT, which recently transferred its entire shareholding to an employee ownership trust, is a significant player in the Shetland construction sector. This move aims to secure the long-term future of the company and retain skilled construction workers on the island.
Peter Tait, Managing Director of DITT Construction Ltd, said: "We are haemorrhaging talent and opportunity in Shetland due in part to the lack of affordable places for workers and young people to live. The loan facility from the Bank is enabling us to build what we hope are the first of many MMR developments.
"Our move to employee ownership was motivated in part by our desire to ensure we could continue to provide long-term employment opportunities, including our annual intake of apprentices. We know all-to-well the housing challenges workers face, and we are committed to being part of the solution and brining tangible benefits to our community."
DITT has also invested £400k into the MMR housing project.
Alastair McMillen, Associate Director of Sustainable Investment, Scottish National Investment Bank, said: "This project is a strong example of our commitment to our place mission, which aims to transform communities and help people thrive.
"We were particularly attracted to DITT's move to an employee ownership model and its commitment to addressing local problems, both of which resonate with us as an impact investor. Members of a community are best placed to know what they need to support a thriving environment. Our role is to provide them with the means to realise their ambition and unlock multi-fold community benefits."
The Bank is an impact investor, focused on delivering both commercial returns and tangible benefits to address some of Scotland's most pressing challenges.
