Sir Tom Hunter invests £100m into West Lothian 3,500 homes project
Sir Tom Hunter has made a £100 million investment in a scheme for a new village in West Lothian.
The Ayrshire entrepreneur (pictured) has taken control of the giant Winchburgh development 11 miles west of Edinburgh where 3,500 new homes are planned along with a mix of retail and industrial space.
Sir Tom’s West Coast Capital investment business is understood to have bought out a number of shareholders in the development in recent months, putting it in the driving seat for the scheme.
The latest accounts for the West Coast Capital Holdings property business filed at Companies House show the company recorded £107m work in progress in respect of Winchburgh at the end of its last financial year, on March 30.
The company expects there will be five housebuilders on site at Winchburgh in January, reflecting strong demand for homes in the area. Barratt and Miller have started work.
Sir Tom told The Herald: “We view this, in our patient capital model as a 20 + year development so undoubtedly we’ll see a couple of recessions and maybe a financial crisis thrown in so we need patience, determination, financial stamina and of course a wee bit of luck.”
West Coast Capital Holdings returned to the black in the year to March 30. It made a pre-tax profit of £1.6m compared with a loss of £64.2m in the preceding year.