Lismore Real Estate Advisors and Scarlett Land and Development have launched a prime residential development in Edinburgh’s West End on behalf of Square and Crescent.
Finance House is on Orchard Brae, between the West End and Stockbridge, just west of Edinburgh city center off the main artery of Queensferry Road.
Finance House’s development is 2 acres and benefits from planning permission for 151 apartments totaling approximately 135,000 square feet. It also offers Build-to-Rent (BTR) potential for 172 apartments, subject to planning permission.
The main building was constructed in 1968 for Lloyds Bowmaker to eight floors, with a sizeable five-storey addition in 1978. The 1960s building, almost entirely of concrete frame construction, is retained and converted into 86 apartments, while the 1970s building Demolished years ago and replaced by a new block with 65 residential units with three to five floors.
The development will also include 3,000 square feet of office/coworking space on the ground floor and 23,000 square feet of private and communal outdoor space. With vehicle access from Learmonth Gardens, the site will have 32 car spaces plus 380 bicycle spaces.
Taking sustainability criteria into account, the development is designed to be net-zero capable – pure electric energy, with a projected EPC rating of “B” and an aggregate reduction in CO2 emissions of 40.6% less than a baseline-compliant development. Reusing existing concrete frames will capture embodied carbon.
The design standards ensure that development achieves net-zero operational carbon when the grid reaches net-zero. It includes air source heat pumps via a common central system to provide heating and hot water throughout the home. The standards also meet the requirements of the new build thermal standard coming into force in Scotland in 2024.
Colin Finlayson, Director of Lismore Real Estate Advisors, said: “Few UK cities can match the performance of Edinburgh’s private housing market, which has a proven history of growth and resilience due to a combination of limited supply and strong demand.
“This development opportunity has so much to offer and is ideally situated in Edinburgh’s sought after West End. It will be a real draw and we anticipate strong interest from potential developers as well as institutional investors looking to get involved in the Edinburgh housing market.”
Will Scarlett, Founder and Director of Scarlett Land and Development added: “Large prime residential lots with planning permission rarely come to market in Edinburgh. Finance House not only benefits from an eligible planning for 151 apartments, it is also “net zero ready” – completely electric (air heat pumps) and uses no fossil fuels.
“Finance House also has the opportunity for a 172 unit BTR program within the same crowd in a city that has some or the strongest fundamentals in the UK but lags behind other regional cities in terms of supply due to several constraints.”
Lismore Real Estate Advisors and Scarlett Land and Development are sales agents for Finance House and the architect is Morgan Architects.