The final costs for the redevelopment of the former Nurses’ Home, now named Thie Clag, will be confirmed once the project is completed and snagging work finished.
Responding to a written question from Juan Watterson SHK, Dr Alex Allinson stated the budgeted amount for the project remains £11.03m, with final costs anticipated to align with this figure.
The development has been primarily funded through the revolving credit facility, except for the Treasury’s share purchase.
Rental prices for the apartments will start at £795 per month, as previously reported.
Dr Allinson said: “With the exception of the share purchase by Treasury, the project has been funded by the revolving credit facility.
“Drawdowns on the loan facility are subject to interest at the rate of SONIA plus a margin of 0.65%, as the project meets the green loan criteria.”
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