A RESIDENTIAL development project to build nearly 500 homes for rent in Edinburgh has “topped out” at six storeys.
The milestone has been reached at the flagship build-to-rent (BTR) development by PLATFORM_ and Heimstaden in Bonnington, in the popular Water of Leith. It is scheduled to be complete in the summer of 2024.
GRAHAM is the main contractor on the project which will deliver 464 homes, included 116 affordable units, over three residential blocks, spanning 325,000 square feet.
The £125 million build is being delivered by PLATFORM_ on behalf of Heimstaden, the real estate investor. It will be Heimstaden’s second major build-to-rent to project in the UK.
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The Bonnington scheme is within walking distance of bars and restaurants at Leith Shore, with good public transport links to the city centre.
Developers predict it will attract from renters in the capital, amid a well-documented shortage of housing supply across the country.
Some in the property sector have recently expressed concern that Scottish Government rent controls brought in to help people deal with the cost-of-living crisis will deter investment in BTR projects, citing the risk to investor returns.
Jean-Marc Vandevivere, chief executive at PLATFORM_, said: “Edinburgh is one of the most vibrant cities in Europe and we are incredibly proud to partner with Heimstaden to enhance the popular Bonnington district with tech-enabled and well-priced housing, continuing the regeneration of the area.
“Our range of one, two and three-bedroom apartments have been designed with flexible living at their heart, providing a blueprint for modern day living and attractive rental opportunities for a wide range of demographics. It was fantastic to join our funders and project team to celebrate a significant milestone in our journey to becoming one of the most sought-after locations in Edinburgh to call home.”
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Christian Birrell, head of UK Investments at Heimstaden, said: “At Heimstaden, we are very happy to extend our growing UK footprint of what we call Friendly Homes to the Scottish capital and are especially pleased to be involved in a low-emission project benefiting the net zero trajectory for Edinburgh.
"Designed and operated with a tenant-centric mindset, the 464 new homes in Bonnington represent a considerable supply relief to the ever so strained Edinburgh rental market from a long-term oriented, responsible institutional owner.”
GRAHAM is also undertaking the construction of PLATFORM_’s development at Central Quay, Glasgow. Due to complete in October, it will deliver 498 homes and become one of the tallest buildings in the city at 20-storeys high.
Gary Holmes, regional managing director for GRAHAM’s Building North region, said: “GRAHAM is proud to be working with PLATFORM_ and Heimstaden to deliver a BTR development which prioritises sustainability and the resident experience.
"BTR is a rapidly emerging sector which is revolutionising the UK rental market. Our team is pleased to aid the regeneration of the Bonnington area, a community which is becoming a destination of choice for Edinburgh residents.”
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