The British company behind the $8.6m Va project to construct a $500 million residential and commercial building in the United Kingdom has been awarded a construction loan of nearly £8 million.
Zachry Construction was awarded the loan by the British Bankers’ Association on Monday, just days after the firm received the approval of the Scottish government to commence work on the $1.9bn development in Aberdeenshire.
The loan will be used to build the $500m new building at the site, which was originally slated to be constructed by the Scottish-based firm and its partner, Zavvi Architects.
The decision means the UK government is set to approve the project for the first time, and the Scottish Government has said it will also allow the UK Government to approve its application.
“The British Government has granted the Scottish Executive the authority to approve and finance the construction of the project, subject to appropriate approval from the UK’s Land Acquisition Act and the approval by the UK Parliament,” a spokesperson for the Scottish Treasury said.
“Zachrys design team is currently working with local authorities, the Scottish Parliament and local communities to finalise the site and get the construction work underway.”
The £8m loan was announced on Monday by the government and the company.
It was initially awarded to the firm last year, with the Scottish National Party (SNP) backing the move.
Zavvi, whose designs are the main inspiration for the project in the UK, was also awarded the project by the US government in 2015.