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First phases of £210million development on market

First phases of £210million development on market

The first phases of the £210 million Edmonstone development in Edinburgh, adjoining the city’s prestigious BioQuarter scheme, have been put on the market by developer, Alba Developments.

Owned by the Alba Group, Alba Developments is looking for a land sale or a joint venture partner to market the consented scheme of over 300 homes in phases one and two of the development, covering 13.5 acres. It is also in talks with potential funders to back build-to-rent homes on the site.

Scarlett and & Development and Savills have been appointed to market the scheme.

The first two phases are located at the north of the site and include a mix of 62 per cent housing and 38 per cent flats. Affordable housing makes up 36 per cent 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 currently under offer to housebuilders. Alba Developments intends to develop the final fifth phase which is currently consented for 84 homes.

The development site is located next to the £1bn BioQuarter scheme, comprising the University of Edinburgh, NHS Lothian, City of Edinburgh Council and Scottish Enterprise, spanning 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 the areas of Greendykes and Moredun.

Shane Ticklepenny, managing director of 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.

“Lying in close proximity to the prestigious Edinburgh BioQuarter and the Royal Infirmary of Edinburgh will greatly heighten the attraction to those who are seeking a new development opportunity.”