The capital will facilitate the development of 21 luxury four-bedroom holiday lodges on a 6.27-acre site at Clashwood, situated less than two miles southwest from the historic town.

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, said: “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.”