Developer Alba Group is seeking buyers for the first phases of its £210m Edmonstone residential development, adjoining the city’s BioQuarter scheme.
It has appointed Scarlett Land & Development and Savills to market the consented 338-home scheme in phases one and two of the development.
Alba is seeking a joint venture partner or a land sale to develop 13.5 acres, and is also in talks with potential funders to back build-to-rent homes on the site. The first phases have a GDV of around £75m, and average land values of around £1.5m per net developable acre in the area would result in pricing of £14m for the scheme.
The first two phases are located at the north of the site, with 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 Lovell Homes and Avant. Alba Group intends to develop the final fifth phase which is consented for 84 homes, with the aim of boosting this to 180.
The development sits next to the £1bn BioQuarter scheme from Edinburgh University, NHS Lothian, the City of Edinburgh Council and Scottish Enterprise across 167 acres. The current scheme employs 8,000 people, but this is expected to increase to 20,000.
It is also around a mile from Edinburgh’s Royal Infirmary and just under five miles to the south east of the city centre. The site is located in the former Edmonstone Estate next to Little France Park and areas of Greendykes and Moredun.
Shane Ticklepenny, managing director at 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, managing director at Scarlett Land and Development, added: “The proximity of the site to Edinburgh Bio Quarter 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, added: “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.”
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