A planning application for Scotland’s first purpose-built, large-scale private rental residential development has been submitted to the City of Edinburgh Council by Grosvenor Britain & Ireland (Grosvenor). The private rented sector’s build-to-rent model will see Grosvenor develop, own and manage up to 400 new homes at Springside, Fountainbridge, a former industrial area close to the city centre and one of the Council’s ‘Edinburgh 12’ priority development areas.
In addition to up to 400 new homes, the application proposes a new public square and commercial and retail space. Residents of the new homes will also benefit from community spaces on the rooftop and in the entrance lobbies.
The build-to-rent model is increasingly seen as a way to help alleviate the housing shortage. With rental occupation typically much quicker than for-sale development, developers are able to build more homes and bring them to the market sooner.
Grosvenor’s application marks the next phase of development at Springside, which already comprises 250 homes, including homes for sale, affordable homes for the ‘frail and elderly,’ serviced apartments and two student residences providing accommodation for over 600 students. Grosvenor decided to hold back 46 of the homes and rent them out to test the Edinburgh market. The experience has shown that there is demand for high quality, professionally managed rental accommodation in Edinburgh from a diverse range of people, including those moving to Edinburgh for the first time, residents saving for a mortgage, or people who prefer to live in well managed and well located accommodation over the additional obligations that home ownership entails.
Following six months of public consultations with the local Fountainbridge community, David Yaldron, Director City Centre Developments, Grosvenor Britain & Ireland, says he is confident that there is a real appetite for build-to-rent in Edinburgh:
“Our objective at Grosvenor is to create great places where people want to live, work and visit, and the local residents made it clear to us that they want the same thing for Fountainbridge. This is an exciting time for Fountainbridge and we are committed to supporting the regeneration of the wider area for the long-term. Our proposals aim to provide homes, public spaces and amenities that will help the community grow and establish the neighbourhood as one of the best places to live in Edinburgh.
“I believe that the provision of build-to-rent homes in Fountainbridge will help create a mixed and vibrant community. It also gives residents confidence that these will be high-quality, professionally managed homes, with a level of service and security not currently associated with the private rental market.”
Grosvenor has been involved in the evolution of Fountainbridge for nearly 10 years and worked closely with local groups to support regeneration in the area since 2011. It has established a community garden on vacant land at the Springside site and involved residents, school pupils and students in creating visual images for the site’s hoardings.
If planning consent is given, Grosvenor will carry out construction in phases over the next five years, with work on an initial 141 homes starting in 2016.
For more information contact:
Hamish McDougall/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. We create high-quality places for people to enjoy and which use resources sustainably.
Grosvenor believes that there is an opportunity for cities to grow in ways that are socially, economically and environmentally resilient in the face of global challenges. Grosvenor’s long-term success in responding to these challenges depends on an imaginative approach to designing individual buildings, our large-scale placemaking activity, and the expertise of our staff. We strive to bring new ideas to the creation of sustainable cities for future generations, while encouraging other city stakeholders to play their part.
We aim to grow our understanding and knowledge of cities and the challenges and opportunities facing them, and by doing so to evolve our ‘Living cities’ philosophy. Our legacy will be the measure of our success as city stewards and creators of long-term value.
Today we have 17 offices in 11 countries and assets in 16 countries. We have regional investment & development businesses in Britain & Ireland, the Americas and Asia Pacific. Our international fund management business operates across all these markets and also Continental Europe. We also have indirect investments, managed centrally. As at 31 December 2014, the Group had total assets under management of £11.4bn. Unusually for a private company, Grosvenor publishes a detailed reporting suite - Annual Review, Financial Statements, Environment Data and index of sustainability reporting under the GRI initiative - available at: www.grosvenor.com
Grosvenor Britain & Ireland
GBI’s mission is to create and recreate inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with its place-making expertise.
It owns, develops and manages a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate - 300 acres of Mayfair and Belgravia in the heart of the UK’s capital - and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 31 December 2014, GBI had £5.2bn of assets under management.