AVISON Young is marketing an Edinburgh site that has been tipped to help address a ‘chronic shortage’ of student accommodation in Scotland’s capital.
The firm said one means of helping relieve the crisis is to reimagine redundant commercial sites for Purpose Built Student Accommodation (PBSA).
One such opportunity that is now available is the four-storey building at 140 Causewayside, currently owned by The Scottish Government and occupied by the Scottish Law Commission (SLC). The SLC is relocating to alternative premises next year.
The location lies between the University of Edinburgh’s city centre campus and the King’s Building campus which houses the university’s schools of science and engineering.
Peter Fraser, director of business space at Avison Young, said, “This site represents an ideal redevelopment opportunity and given its location, should make an excellent site for new student accommodation. It would be a very welcome addition to a market desperately in need of new stock and investors in the student rental sector can benefit from consistent and stable returns in the mid to long-term.
“In the shorter-term, the sector is relatively well protected from the recent volatility affecting the broader rental market, caused by challenging external economic factors. Given the lack of student accommodation in Edinburgh at this time, this represents an excellent opportunity.”
In addition to potential PBSA uses, Avison Young said the site could also be developed for residential or buy to let uses, subject to planning consents. The firm’s planning team has already held informal pre-application discussions with City of Edinburgh Council to review the full redevelopment potential for the site.
