OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £8.3m loan to property developer, Ardent Group.
Founded in 2001, Ardent Group is an Aberdeen-based property developer, specialising in the development of commercial and residential assets across Scotland and Ireland. Owned and operated by the Keane family, it has a long-standing track record across property development, investment and hospitality, with assets spanning residential, leisure and mixed-use schemes across Scotland and Ireland. The group also owns and operates several hospitality businesses, including hotels, self-catering accommodation, pubs and retail assets.
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The £8.3m loan from OakNorth will fund the development of 21 new luxury, four-bedroom holiday lodges on a 6.27–acre site at Clashwood, located less than two miles southwest of St Andrews. The accommodation will each feature premium amenities including private hot tubs, high-quality interiors and landscaped surroundings, and will target affluent leisure travellers, including golf tourism, overseas visitors, wedding parties and families. The site occupies a prominent roadside position on one of the main arterial routes connecting St Andrews with Edinburgh and the wider central belt, offering strong accessibility, while remaining close to the town’s world-famous golf courses, beaches and historic centre.
Robin Keane, Director of Ardent Group, commented on the transaction; “St Andrews is one of the most desirable leisure destinations in the UK, with year-round demand driven by golf tourism, the university and its international appeal. We’ve spent considerable time refining the planning and specification for this scheme to ensure it delivers a genuinely premium product that reflects the quality of the location. OakNorth took the time to understand both the opportunity and our operational track record in self-catering accommodation. Their speed, flexibility and ability to support a complex development-led project made them the right funding partner for us, and we look forward to working with them as we bring this scheme to life.”
Matteas Law, Associate Director of Debt Finance at OakNorth, added: “Ardent Group has a strong track record across property development and hospitality, and this scheme benefits from an exceptional location in one of Scotland’s most resilient and high-performing leisure markets. St Andrews continues to see robust demand from both domestic and overseas visitors, supported by its global reputation, limited accommodation supply and major events such as The Open Championship. This, combined with the high-quality nature of the proposed accommodation, made this an attractive opportunity to support an experienced sponsor delivering a differentiated product in a prime market.”
