Residential developer HUB and Bridges Fund Management have acquired a 2.6 acre site on Baltic Street in Edinburgh’s Port of Leith.
The site at the former Leith Gas Works was acquired for an undisclosed sum.
It has an existing planning permission for a student residential development, secured by vendors Sundial Properties and local architects Michael Laird Architects.
HUB intends to reconfigure the proposal to deliver a residential-led scheme, comprising of build-to-rent apartments, with mixed commercial uses at ground floor level. It plans to work with the council and local stakeholders to build upon the existing consent.
This is the ninth deal on which HUB and Bridges have partnered and their second acquisition in Edinburgh, following their recent purchase of the 1.5-acre Beaverhall site in Canonmills, where they are currently developing plans for a mixed-use scheme incorporating build-to-rent homes and a studio space for the area’s artistic community.
The latest deal also continues HUB’s expansion into cities across the UK, with schemes already underway in Leeds and Birmingham.
Robert Sloss, chief executive and co-founder of HUB, said: “We look forward to bringing our proven experience in delivering beautifully designed, mixed-use schemes to this fantastic site, building upon the existing proposal to deliver a great new place to live.
“We are sensitive to the legacy of the historic gasworks and are excited to rejuvenate it into a modern living quarter for Leith.”
Simon Ringer, head of property funds at Bridges Fund Management, added: “We are delighted to complete this second investment in Edinburgh, a city where there is strong demand for more high-quality, sustainable lower-cost homes.”
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