Legal & General backs Leith’s Skyliner towers plan
New look: the proposed development at the foot of the image
Legal & General is to forward-fund the development of its first build-to-rent (BTR) scheme in Edinburgh.
The Skyliner scheme proposes 338 flats in four tower blocks rising to 14 storeys close to the Ocean Terminal shopping mall. The deal is conditional on developer S1 Developments securing planning consent.
Last week, S1 submitted plans for the development which includes two commercial units.
This is a revised plan replacing an earlier proposal for a four-building, 245-unit residential scheme that S1 secured planning permission for at the end of last year. The new plans were designed specifically for L&G, reports Property Week.
If the deal goes through, it would be the second BTR scheme L&G has backed in Scotland. In January, the firm announced that it was forward-funding Drum Property Group’s 324 BTR apartment scheme at Buchanan Wharf on Glasgow’s riverfront. The mixed-use project is anchored by a 470,000 sq ft office let to Barclays bank.
Scarlett Land and Development is advising on the deal.