A derelict brownfield site in the west of Edinburgh is set to be transformed into a multi-purpose country park, with £26m backing from the Scottish National Investment Bank.
The Wavegarden Scotland redevelopment of the disused Craigpark Quarry near Ratho will see the creation of a 23-hectare leisure facility, with surfing at its heart.
It should provide 100 new job opportunities and wider economic benefits for the local area.
Senior lender OakNorth Bank is supporting the construction of the facility with an £25.2m loan.
Backing is also being provided by BAE Systems Pension Fund Investment Management, which will purchase the park through a sale and lease back arrangement, once construction is complete.
With an expected opening of summer 2024, Wavegarden Scotland should provide inland surfing all year round. The facility is committed to work with local communities and charities to provide access.
Andy Hadden, founder of Tartan Leisure - the company behind the project - said: “Having the backing of 45 local entrepreneurs and international shareholders, including Promenthean Investments and Murray Capital, combined with the incredible support from the Scottish National Investment Bank, OakNorth and BAE Systems Pension Fund, has created what we believe, is the optimum financial structure for this landmark destination.”
Lothians Conservative MSP Sue Webber, convener of the Education, Children and Young People Committee, said: “I’ve been proud to support the Wavegarden project, first as a local councillor for the area since 2017 and as now as an MSP.
“Bringing a world-class outdoor facility like this to Ratho will be an exciting asset to the community along with jobs and a genuine economic boost to the region.”
Wavegarden is a global surf technology brand that has witnessed high growth in the surf park sector, with more than 60 projects currently in development, seven facilities operating successfully and another seven projects currently under construction across four continents.
When complete, the complex will also include holiday lodges and a central building with a food court.
Scottish National Investment Bank director Susan Campbell said: “Our backing will regenerate a derelict site, increase access to the natural environment, help to restore biodiversity and stimulate tourism.
“The investment is a great example of the public and private sector collaborating successfully to unlock potential.”
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