Macquarie Asset Management-backed Goodstone Living has acquired a site in Edinburgh to deliver a new build-to-rent project.
The 2.5-acre consented site is expected to accommodate 338 new homes in the waterfront suburb of Leith, across four mid-rise buildings that will be between 10 and 14 storeys.
The scheme sits directly on Albert Docks with unparalleled and uninterrupted views over the Firth of Forth to the north and Edinburgh’s historic city centre to the south. Leith’s scenic waterside and creative hub, known as ‘The Shore’, is a few short minutes walk away, offering Michelin star restaurants and stylish bars whilst the adjacent Ocean Terminal provides a diverse mix of local dining, leisure and shopping options for residents.
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, coworking space, an on-site management team and communal rooftops to provide both waterfront and skyline views across Edinburgh.
While already within walking distance from the city centre, the site’s connectivity will be boosted by the city’s new tramline extension – running directly past the scheme and due to be operational in 2023 – which will enable a 10-minute commute to Edinburgh’s financial district.
Goodstone Living is targeting a sustainable scheme with an over 50% reduction in operational carbon and a 30% reduction in embodied carbon. Once completed, at least 25% of the scheme will be offered as affordable housing to promote positive social value outcomes in the local community.
Edinburgh has been identified as an initial target market for Goodstone Living because of its strong underlying rental dynamics, limited residential land supply and the strong macroeconomic outlook. The city has the second highest university retention in the United Kingdom and is ranked as one of Europe’s largest financial hubs making it an attractive location for delivering new rental housing – integrating innovation, sustainability, wellbeing and customer service to create a better way to rent.
Martin Bellinger, Principal at Goodstone Living, said: “With Edinburgh’s world-class financial district and university nearby, a vibrant restaurant scene, start-up community and an edgy mix of arts and culture, Leith is recognised not only as one of Britain’s most attractive rental neighbourhoods but one of the world’s.
“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.
“As with our plans for Digbeth in Birmingham, our residential placemaking strategy is to offer a better quality of living while building healthy homes that are accessible to local residents. We will do this by using smarter design and creating facilities that respond to the way people live, work, play and relax in a post-pandemic world.”