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Update on Loreburn’s Investment Priorities for the future

As you know at Loreburn we have been and still are dedicated to delivering transformative projects that positively impact on the communities we serve.

Our Management Committee have considered the current and future forecasts for the external economy and came to the difficult decision to pause our ambitious plans to deliver another potential 293 new homes over the next few years during these challenging financial times.  This includes delaying all the proposed new build projects indefinitely but prioritising the projects at Langholm, Selkirk Road, Moffat and Brooms Road in Dumfries which we are planning to deliver over a potentially longer timeframe.

We also need to balance our ambitions to build new homes with improving the energy efficiency of our existing homes and with rising interest rates and inflation we cannot deliver both.  We don’t want to create a two-tier system where some of our tenants are in highly energy efficient homes that are cheaper to run and have others in homes that are cold and hard to heat. 

We understand the importance of these projects to our local communities, and we empathise with any concerns arising from the delay in progressing works on site. Our team is actively engaged in discussions with relevant stakeholders, including financial partners and local authorities, to mitigate the impact of increased finance costs and find suitable solutions to resume construction, as and when the business case supports investment.

During this period of review and reassessment, we will keep the community, contractors, and investors informed of any significant developments and progress. We value the trust and support placed in us by our stakeholders, and we assure you that we are dedicated to finding resolutions to the challenges we face. We remain optimistic about the future of these projects and the positive impacts they will have on our communities once completed.