BTR Edinburgh

Funding has been secured for the final phase of the £215m Springside development in Edinburgh – a 476 build to rent (BTR) scheme.

Delivered by MODA Living – with Robertson Group as the main contractor – the scheme will form part of the residential offering on the site, with retail and leisure space a key focus of the £215m scheme too.

Apache Capital Partners – who’re speaking at our Scotland’s BTR & Housing Marketplace Webinar – and US real estate investor Harrison Street are the firms funding the final phase, which was approved in December, and is now expected to complete in 2022.

Apache CEO and Co-Founder John Dunkerley said: “We are committed to delivering and expanding our build-to-rent pipeline with both Harrison Street and Moda Living despite the near-term disruption being caused by Covid-19.”

“There remains a fundamental mismatch between supply and demand for high quality purpose-built rental housing in the UK and for investors seeking long-term, steady income streams from assets with defensive, counter-cyclical qualities, build-to-rent remains highly attractive as a sector.”

The development will include 13,000 sq ft of residents’ amenities, including communal lounges, health and wellbeing, plus roof terraces and a private dining room with views of Edinburgh Castle. Its 15,000 sq ft of ground-floor retail and leisure space will be built around landscaped public squares.

Johnny Caddick, Managing Director at Moda Living, said: “The resilience of residential property as an asset class has never been in doubt, but in recent weeks we’ve learned just how much our customers have valued the ability to work, exercise and prioritise their mental and physical wellbeing without leaving home.”

“The continued confidence of Apache and Harrison Street in our branded platform underlines the defensive qualities of build-to-rent and we look forward to raising the bar for renting in Scotland.”