Hundreds of rental homes to be built in Edinburgh
A new joint venture between Apache Capital and Moda Living is set to deliver a new build-to-rent village in the centre of Edinburgh. The £215 million deal, featuring land bought from Grosvenor Britain and Ireland, will see purpose-built rental properties constructed in the city centre, offering homes in a prime location for renters.
Forming part of the Fountainbridge regeneration in Edinburgh, the project will see 525 new homes designed, constructed and managed. The properties are to be designed for long-term rental, offering people the opportunity to stay in one place for a number of years.
Currently, the site already features 250 completed homes, 46 of which are private rented homes, two student residences for over 600 people and affordable homes designed for the elderly and frail.
The new housing will be beside 25,000 sq ft of new-build commercial space. This will include shops, restaurants and bars. Residents in the housing space will benefit from a range of on-site amenities, including communal lounges, a barbecue area, gym, and room terraces that will offer stunning views of Edinburgh Castle. There will also be managed communal gardens and a public square.
Moda is planning to be on-site before the end of 2017 and it is hoped that the initial phase of the development will be completed by the end of 2019. The project will be fully completed by the end of 2022.
Gerry More, the Scottish government's build to rent private sector champion, said: “The announcement of this major investment in the build-to-rent proposal at Fountainbridge is a substantial vote of confidence in both the Edinburgh property market and the Scottish Government’s plans to create flexibility, choice and affordability in the wider housing sector.
“This kind of purpose-built, high-quality and professionally-managed PRS development can rapidly increase the provision of much-needed new build housing, while at the same time positively transforming the experience of rented accommodation in Scotland for the long-term.”