The build-to-rent platform backed by Macquarie Asset Management and overseen by industry heavyweights Darryl Flay and Martin Bellinger has bought its first site in Scotland.
Goodstone Living has bought an £80m BTR scheme at Leith Docks in Edinburgh from S1 Developments.
The BTR platform said the 2.5-acre Ocean Drive scheme will have 338 homes across four buildings of between 10 and 14 storeys, as well as 16,000 sq ft of amenity space.
Goodstone Living said it would go “above and beyond” building regulations, with two stairwells in each building to boost fire safety. It expects to begin construction this summer.
The scheme, previously called Skyliner, was granted consent in 2019. Legal & General previously pursued a forward commitment purchase for the scheme. However, the investor failed to reach an agreement with S1 Developments and the site was brought back to the market.
Goodstone struck its debut deal last summer, buying a scheme in Birmingham’s Digbeth. The platform aims to raise and deploy £1bn in high-end BTR in the regions.
Bellinger said: “Edinburgh is one of our core markets because of its young, highly educated and growing population, pointing to a deep pool of future talent which is currently undersupplied with quality housing. Our strategy will continue to be to identify opportunities such as this where an undersupply of quality housing matches with key criteria for growth and further regeneration.”
Goodstone was advised by JLL and Eversheds Sutherland.
See also: Interview: BTR beginnings with Macquarie and Goodstone
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