ALBA Developments has announced it is seeking potential buyers for the first phases of its £210 million Edmonstone residential development in Edinburgh.
The site is located next to the city’s £1 billion BioQuarter scheme from Edinburgh University, NHS Lothian, the City of Edinburgh Council and Scottish Enterprise.
Scarlett Land & Development and Savills have been appointed to market the consented scheme of over 300 homes in phases one and two.
Alba Developments is searching for a joint venture partner or a land sale to develop 13.5 acres and revealed it is also in talks with potential funders to back build-to-rent homes on the site.
The first two phases are at the north of the site, comprising a mix of 62% housing and 38% flats. Affordable housing makes up 36% of the total homes. Agents are inviting offers with a deadline of 4 December.
Phases three and four comprise a further 300 homes, which are under offer to housebuilders. Alba added that it intends to develop the final fifth phase which is currently consented for 84 homes.
Shane Ticklepenny, MD of Alba Group, said, “These homes have been promised to the local community for a number of years now and Alba Developments will finally bring the site to life after so many years.”
Will Scarlett, MD at Scarlett Land and Development, added, “The proximity of the site to Edinburgh BioQuarter and the Royal Infirmary of Edinburgh will heighten appeal to institutional funds seeking to enter the build-to-rent market in Edinburgh for single family and multi-family housing.”
Ben Brough, head of Scotland development at Savills, commented, “It is a superior scheme in the picturesque setting, with woodland and open space and high-quality materials as a nod to the heritage of Edmonstone Estate.”
