Stirling veterinary hospital secures £1.57m finance
Shawbrook has provided £1.57m in development finance to WS Dunsire & Sons for the conversion of a former hotel and restaurant into a veterinary hospital in Stirling. The 14-month facility funded the transformation of the former Hollybank restaurant in St Ninians into a specialist animal care facility.
The completed development carries a gross development value of approximately £2.86m. Shawbrook structured the loan at 55% loan-to-gross development value and 64% loan-to-cost, reflecting the specialist nature of the conversion.
Technical requirements
The refurbishment required technical installations including dedicated ventilation systems and lead-lined doors for X-ray facilities. The building has been handed over to the veterinary practice and will accommodate approximately 15 clinicians and support staff.
WS Dunsire & Sons, established in 1991, operates as a family business spanning two generations with experience in building and property development. Chris Dunsire, development director at WS Dunsire & Sons, said: “Converting an existing building for such a specialist use required careful planning, particularly around the technical requirements of the veterinary hospital.”
Commercial conversions in Scotland
Douglas Spowart, senior relationship director for development finance at Shawbrook, noted the project required more than a standard commercial refurbishment due to the specialist ventilation and X-ray facility requirements. The conversion represents a trend in repurposing existing commercial properties for alternative uses, particularly in Scottish markets where property development activity has remained consistent.
The development finance sector has continued to support commercial conversions across the UK, with lenders structuring facilities to accommodate specialist building requirements. This contrasts with recent patterns in residential development finance, where high-value lending activity has expanded beyond traditional southern markets.
The Stirling project marks the completion of another commercial property conversion in Scotland’s central belt, adding to the region’s healthcare infrastructure while providing employment in the local area.
