One of the biggest consented purpose-built student accommodation schemes in Scotland has been put up for sale by local developer Sundial Properties.
The firm has instructed Ryden and Savills to find a buyer for its redevelopment of a cluster of former gasworks buildings in Leith.
The 612-bedroom Gas Works development, which received consent at the end of last year but is still awaiting sign-off of its section 75 agreement, has a GDV of around £60m.
The project, designed by Michael Laird Architects, is expected to attract interest from a range of investors and student accommodation providers because of the supply and demand imbalance in Edinburgh and restrictions that are likely to make getting planning for similar large-scale student schemes much more difficult going forward.
Demand for student accommodation in Edinburgh is strong, with current full-time student numbers outweighing available accommodation by a ratio of 3:1. Supply is expected to tighten further too, owing to the restrictions on planning and an anticipated growth in student numbers of 50,000 to 60,000 over the next few years. The city has a development pipeline of just 3,000 student beds.
Alongside the 612 beds, the scheme, which is designed as six adjoining blocks, also comprises 18 flats, four shops, a public café and co-working space, as well as more than 650 cycling parking spaces.
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