Goodstone Living, the build-to-rent (BTR) platform set up by Macquarie Asset Management with UK property veterans Darryl Flay and Martin Bellinger, has acquired its first site in Scotland.
Located on the waterfront in Leith, the 2.5 acre Ocean Drive site includes four mid-rise buildings of between 10 and 14 storeys.
The scheme will sit directly on Albert Docks and should include 338 homes for rent.
The looks set to be boosted by the city’s tramline extension to Ocean Terminal – scheduled for completion in 2023.
Goodstone Living plans to transform the vacant site into a thriving rental community with over 16,000 sq ft of amenity space, including a gym, co-working space, a 24 hour on-site management team and communal rooftops.
The site already has a planning consent and Goodstone plans to commence construction this summer.
Underpinning Goodstone’s sustainability commitments, the waterside development will target a 50% reduction in carbon compared to current building regulations, with 25% of the site given over to affordable housing.
Martin Bellinger, principal at Goodstone Living, said: “Edinburgh is one of our core markets because of its young, highly educated and growing population, pointing to a deep pool of future talent which is currently undersupplied with quality housing.
“Our strategy will continue to identify opportunities such as this where an undersupply of quality housing matches with key criteria for growth and further regeneration.”
Goodstone was advised by JLL and Eversheds Sutherland on the transaction.
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