The project, renamed Caledonian Court by the local community to reflect the area's railway heritage, will see the delivery of 22 new apartments by leading construction firm, The JR Group, on behalf of Eildon Housing Association.
The development will comprise 14 three-bedroom lower colony homes and eight two-bedroom upper colony homes, all designed to meet high sustainability and energy efficiency standards.
Situated on a previously derelict site, Caledonian Court will seamlessly integrate into the existing community and will include green spaces, soft landscaping, cycle storage, and car parking facilities. The project will also deliver a range of community benefits.
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This development will significantly contribute to addressing the demand for affordable housing in Peebles and enhance the quality of life for local residents.
Gary McGregor, Managing Director for The JR Group said: "It is great to be starting work on this modern, energy efficient development following the confirmation of vital funding to enable works to move forward.
"Caledonian Court sits on a prime location within Peebles, where the affordable housing provision needs to be increased, so we are proud to play our part in bringing these plans to fruition and breathing new life into this area of the town.
"This is our first project with Eildon Housing Association, so we look forward to building a strong working relationship with them and progressing with the development over the coming months."
Neil Wilson-Prior, Eildon's Director of Property Assets said: "We are keen to get started with this project and help to address the housing emergency that has been declared in the Borders and across Scotland.
"This development is a fantastic opportunity to also bring many benefits to Peebles including our support of local initiatives, and we're already working with Cycling without Age whose volunteers offer a fantastic service in the town. Caledonian Court will provide storage for the Peebles Trishaw, to enable local elderly people to get out and about in the community. We are delighted we can help out with this fabulous project."
Work has now started and will continue into 2026 before being handed over to Eildon Housing Association for new residents to enjoy.
