A prime residential development site in the west end of Edinburgh has been brought to market, with the potential for more than 150 homes.
Finance House, located between the city’s west end and Stockbridge on Orchard Brae, is being sold by Lismore Real Estate Advisors and Scarlett Land and Development, on behalf of Square and Crescent.
The two-acre development site has effective planning for 151 flats, but also offers build-to-rent potential for 172 apartments, subject to planning consent.
Under the existing plans, drawn up by Morgan Architects, the 1960s concrete-frame building will be retained and converted to 86 flats, while a five-storey 1970s extension will be demolished and replaced with a 65-apartment block.
The development also features 3,000 sq ft of office/co-working space on the ground floor and 23,000 sq ft of private and communal external amenity spaces.
Scarlett Land founder Will Scarlett said: “Large-scale prime residential sites with planning consent rarely come to the market in Edinburgh. Not only does Finance House benefit from minded to grant planning for 151 apartments, it is also net zero-ready – all electric, with air source heat pumps and uses no fossil fuels.”
He added that Edinburgh “boasts some of the strongest fundamentals in the UK” for BTR, but “lags other regional cities in terms of supply due to multiple constraints”.
Colin Finlayson, director at Lismore Real Estate Advisors, said: “This development opportunity has so much to offer and is ideally placed in Edinburgh’s high desirable west end. It will be a real draw and we anticipate strong interest from potential developers, as well as institutional investors seeking exposure to the Edinburgh residential market.”
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