Macquarie’s Goodstone plans big Leith build-to-rent

Macquarie Asset Management’s Goodstone Living said it has acquired its second site for a build-to-rent development in Edinburgh.

The 2.5-acre consented site is expected to accommodate 338 new homes in Albert Dock, Leith.

Goodstone said at least 25% of the scheme will be offered as affordable housing.

“Leith’s scenic waterside and creative hub, known as ‘The Shore’, is a few short minutes walk away, offering Michelin star restaurants and stylish bars whilst the adjacent Ocean Terminal provides a diverse mix of local dining, leisure and shopping options for residents,” said Goodstone.

“Goodstone Living plans to transform the vacant site into a thriving rental community with over 16,000 sq. ft. of amenity space including a gym, coworking space, an on-site management team and communal rooftops to provide both waterfront and skyline views across Edinburgh.

“While already within walking distance from the city centre, the site’s connectivity will be boosted by the city’s new tramline extension — running directly past the scheme and due to be operational in 2023 — which will enable a 10-minute commute to Edinburgh’s financial district.

“Goodstone Living is targeting a sustainable scheme with an over 50% reduction in operational carbon and a 30% reduction in embodied carbon.

“Once completed, at least 25% of the scheme will be offered as affordable housing to promote positive social value outcomes in the local community.

“Edinburgh has been identified as an initial target market for Goodstone Living because of its strong underlying rental dynamics, limited residential land supply and the strong macroeconomic outlook.

“The city has the second highest university retention in the United Kingdom and is ranked as one of Europe’s largest financial hubs making it an attractive location for delivering new rental housing – integrating innovation, sustainability, wellbeing and customer service to create a better way to rent.”

Goodstone Living principal Martin Bellinger said: “With Edinburgh’s world-class financial district and university nearby, a vibrant restaurant scene, start-up community and an edgy mix of arts and culture, Leith is recognised not only as one of Britain’s most attractive rental neighbourhoods but one of the world’s.

“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.”