Work due to begin on huge BTR scheme in Leith
Construction is expected to start this summer on one of the Scotland’s largest build-to-rent schemes.
Macquarie’s build-to-rent platform Goodstone Living has acquired the 338-unit scheme over four multi-storey buildings on a stretch of derelict waterfront in Leith.
The development on a 2.5 acre site on Albert Docks already has planning consent.
Goodstone was set up by Macquarie Asset Management with UK property industry veterans Darryl Flay and Martin Bellinger.
Mr Bellinger, principal at Goodstone Living, said: “Leith is recognised not only as one of Britain’s most attractive rental neighbourhoods but one of the world’s.
“Edinburgh is one of our core markets because of its young, highly educated and growing population, pointing to a deep pool of future talent which is currently undersupplied with quality housing.
“Our strategy will continue to identify opportunities such as this where an undersupply of quality housing matches with key criteria for growth and further regeneration.”
He added: “As with our plans for Digbeth in Birmingham, our residential placemaking strategy is to offer a better quality of living while building healthy homes that are accessible to local residents. We will do this by using smarter design and creating facilities that respond to the way people live, work, play and relax in a post-pandemic world.”
The Leith development will target a 50% reduction in carbon compared to current building regulations with 25% of the site given over to affordable housing.
Each of the four buildings will go “above and beyond” building regulations to include two stairwells, maximising fire safety, the firm added.
Goodstone was advised by JLL and Eversheds Sutherland on the transaction.