MACQUARIE-backed Goodstone Living has revealed it is “exploring in-depth” the Glasgow build-to-rent market as it plans expansion in Scotland following its entry to the market north of the Border last year with the acquisition of an Edinburgh development.
Goodstone Living, set up in 2021 by build-to-rent specialists Darryl Flay and Martin Bellinger and Australia’s Macquarie Asset Management, earlier this week announced it had agreed £67 million of debt financing with banking group NatWest for the waterfront “Dockside” development at Leith which it bought last year. This development will accommodate at least 338 homes.
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Carl White, investment director of Goodstone Living, highlighted great confidence in the Scottish market and a focus on major cities with limited supply of housing. He flagged the Edinburgh market’s strengths and Goodstone Living’s interest in Glasgow.
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Mr White said: “We are very confident about the Scottish market because our focus is on major cities where there is a real need for high quality rental housing but supply is limited. Typically, these are cities with good employment prospects, high student retention rates and strong economies. Edinburgh is home to one of Europe’s largest financial hubs and has some of [the] highest student retention rates in the country, for example.”
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He added: “Glasgow is another market we are exploring in-depth because of its need for quality homes and vibrant economy.”
Mr White signalled the jump in interest rates would not be a barrier to further developments. He said: “The rising cost of debt is impacting every sector, but by identifying the right locations, partners and design, we are confident we will deliver the returns our investors are seeking while delivering much-needed next-generation rental housing in Scotland and across the UK.”
Goodstone Living’s development team has re-engineered the Leith project, comprising four, 10 to 14-storey buildings, to electrify it fully, with an air-source heat pump for each apartment.
The project is expected to create 60 local jobs and around £2 million worth of “socio-economic benefits” for the community over two-and-a-half years. Construction is expected to commence this quarter.
Goodstone Living said earlier this week: Plans are in place to enable community groups and enterprises to use some of the available commercial space, with other benefits including access to learning, work experience and training opportunities for young people and those from under-represented backgrounds."
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