Plans to construct up to 400 new build-to-rent homes have been given the go-ahead by the City of Edinburgh Council. Developers confirmed that the new properties will be built at Fountainbridge.
The Grosvenor Group confirmed that the approval gives the green light to its built-to-rent proposal for the site, which is close to the centre of the city.
Grosvenor has already finished phase one of the Springside development, which consists of 250 homes, including homes for sale, serviced homes, affordable homes, and residences for over 600 students. The group has also finished building 46 privately-rented homes, illustrating the need for well-located and properly-managed rental accommodations.
David Yaldron, who is the Grosvenor city centre developments director, said that the group was pleased with the council’s decision to grant planning consent. He explained that the project team has been working closely with local neighbourhood groups, and the decision was an important milestone in the area’s eventual regeneration.
Mr. Yaldron added that in addition to new homes, the consent includes plans for commercial and rent spaces, community facilities, and a new public square. He expressed hope that the project could reposition the neighbourhoods as one of Edinburgh’s best places to live.
Originally launched in 2012, the Build to Rent Scheme was intended as a government initiative to increase the amount of quality homes available for private rent.
The Build to Rent fund is a commercial investment that is fully recoverable, and available on a loan basis to cover up to half of all eligible costs associated with development. Developers repay this loan by refinancing the agreement or selling it to an institutional investor within one to two years of the scheme being completed.
The Build-to-Rent Fund Continuous Market Engagement Prospectus issued by the Homes and Communities Agency in January of last year provides eligibility criteria and bidding advice for developers.
The Private Rented Sector Taskforce makes independent advice and assistance available to local authorities, developers, institutional investors, housing management organisations, and other parties who are looking for funding for proposed schemes.
Build to Rent: A Best Practice Guide, which is issued by the UK Residential Council and the Urban Land Institute, concentrates on issues such as planning and valuation and choosing sites based on infrastructure, local amenities, public tranport, demographics, sustainability, construction, engineering, and fit-out. The guide also discusses how these projects will be managed once completed and occupied.