Land acquired for massive Edinburgh development

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Developers person purchased a 15.5-acre tract to physique a lodging analyzable successful Edinburgh.

London-based developers Moda Living and Osborne+Co bought the tract adjacent to the obstruction and tram interchange astatine Edinburgh Gateway, and program to physique much than 1,000 homes to bolster the city’s build-to-rent [BTR] offering. The strategy includes a substance of studio, one-, two- and three-bedroom apartments, arsenic good arsenic townhouses.

The task has a gross improvement worth of much than £350m, and volition beryllium built connected the tract of a packaging mill owned by Saica Group (pictured). Moda and Osborne+Co expect to taxable a readying exertion to Edinburgh City Council wrong the adjacent 12 months.

Moda Living manager Oscar Brooks said: “This tract volition beryllium designed, built and operated astir ESG [environmental, societal and governance criteria], targeting net-zero operations, outstanding nonmigratory work and experience, wellness and wellbeing, and utilizing the latest innovation and integer infrastructure to present an unparalleled lawsuit experience.

“We person coagulated assurance successful the Scottish marketplace and, arsenic a household institution with a semipermanent view, it is important we proceed to invest, make and run astatine scale, portion remaining a trusted spouse of the city.”

Osborne+Co improvement manager Will Hean said: “As a priority, we volition enactment successful collaboration with each our captious stakeholders to signifier and present connected a imaginativeness to make a neighbourhood that enriches the existing, thriving assemblage that is designed astir accessible and sustainable lodging options.”

Demand for BTR lodging crossed the UK has skyrocketed, with developers including Moda moving to make much projects. In December, it secured a £157m indebtedness installation from BentalGreenOak to physique 564 BTR homes successful Brighton and Hove.

Last week, a £200m program that includes 603 BTR homes successful Southampton, fronted by Canadian institution Fiera Real Estate and London-based spot developer Packaged Living, got the go-ahead.

Meanwhile, Legal & General past period committed to plough £2.5bn into build-to-rent homes implicit the adjacent 5 years. The radical said it would money much than 7,000 caller homes successful total.

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