Development Services Team – innovative solutions for the Scottish residential market.
Rettie’s Development Services Team had a busy 2014 and have been proudly shortlisted as Finalists in the ‘Best Partnership in Affordable Housing Delivery’ category at the Homes for Scotland Awards being held on Friday 15th May. You can view some of our more notable structured finance, land, development, residential investment, student housing and research & consultancy deals here…
STRUCTURED FINANCE
SALAMANDER PHASE 1, EDINBURGH, EH6 7HN
- Client: Teague Homes (UK) Ltd
- Site size: 145 units
- Value: £21.8m
- Construction cost: £15.2m
- Role: Deal coordinator for all parties:
– Lined up £15.2m 10 year debt package through the National Housing Trust to underwrite construction of 145 flatted units
– Lined up construction partner
– Agreed the pre-placement of the final investment with Hillcrest Housing Association. - Deal partners: Teague Homes (UK) Ltd, Cruden Investments, RBS, Hart Builders, Hillcrest Housing Association, Scottish Futures Trust, The City of Edinburgh Council.
- Status: Construction completed and properties handed over
WESTERN HARBOUR SITE R1, EDINBURGH, EH6 4UB
- Client: Forth Ports
- Site size: 96 units
- Value: £17m
- Role: Rettie acted as deal coordinator for all parties.
– Lined up £12m 10 year debt package through the National Housing Trust to underwrite construction of 96 units.
– Lined up construction partner - Deal partners: Forth Ports, Cruden Investments, RBS, Hart Builders, Scottish Futures Trust, The City of Edinburgh Council.
- Status: Contracts agreed and construction commenced.
SHRUBHILL, LEITH WALK, EDINBURGH, EH7 4PB
- Client: Places For People
- Site size: 376 units
- Value: Undisclosed
- Role: Site acquisition on behalf of Places for People.
– Ongoing role assisting Places For People with the arrangement and role out of a construction re-financing package for 167 units.
LAND
STEWARTON, AYRSHIRE, KA3 3AR
- Client: Hope Homes
- Site Size: Approx. 8.86 ha (21.91 acres)
- Planning: Zoned for 130 dwellings
- Scheme: Indicative scheme for 159 dwellings
- Status: Under Offer to a national house builder
DYKES OF GRAY ROAD, DUNDEE, DD2 5SJ
- Client: NHS Tayside
- Site Size: Approx. 13 ha (32.10 acres)
- Planning: Zoned for 100 residential dwellings
- Status: Sold to a national house builder
STUDENT HOUSING
ST LEONARD’S STREET, EDINBURGH, EH8 9RD
- Client: UNITE Group
- Site Size: Approx. 0.7 ha (1.72 acres)
- Planning: Subject to Planning for 500+ beds
- Status: Under Offer
SHRUBHILL HOUSE, EDINBURGH, EH7 4PD
MURANO PLACE, EDINBURGH, EH7 5HH
- Client: UNITE Group
- Site: Shrubhill House approx. 0.43Ha (1.08 acres)
- Planning: Consent for 260 beds
- Site: Murano Place approx. 0.51Ha (1.27 acres)
- Planning: Consent for 276 beds
- Status: Sold
RESIDENTIAL INVESTMENT
EDINBURGH ST JAMES, EH1 3SS
- Client: TH Real Estate
- Planning: Residential consent for up to 250 apartments
- Serviced Apartment Block – region 70 units
- Context: Residential forms part of a larger mixed use scheme – total 1.7m sq.ft with 1m sq.ft retail space anchored by John Lewis, 220 bed hotel and cinema. 1,800 covered parking spaces.
- Status: Seeking Forward Purchaser or JV Partner
NEW WAVERLEY, EDINBURGH, EH8 8 BH
- Client: Artisan Real Estate Investors
- Planning: Residential Consent for up to 145 units
N Block: 89 units – 6,334sqm (68,185sqft) NIA
S Block: 59 units – 5,465sqm (58,823sqft) NIA - Context: Residential forms part of a larger mixed use scheme; 3 hotels on site; Affordable Housing on site
- Status: Seeking Forward Purchaser or JV Partner
DEVELOPMENT
CLAREMONT TERRACE, GLASGOW, G3 7XR
- Client: Ernst & Young
- Site: 5 ‘A’ listed commercial townhouses
- Site Size: Approx. GIA 5,129 sq.m (55,209 sq.ft)
- Status: Sold to a developer
ELLERSLY ROAD, EDINBURGH, EH12 6HY
- Client: Capability Scotland
- Site Size: Approx. 1.21 ha (2.77 acres)
- GIA: Existing buildings 3,515sq.m (37,844 sq.ft)
- Status: Under Offer
RESEARCH & CONSULTANCY
FERRYGATE, NORTH BERWICK, EAST LOTHIAN
CLIENT: MILLER HOMES
- Report: Economic impact assessment to assist with planning appeal at Ferrygate Farm, North Berwick
- Context: Scottish Planning Policy now states that explicit account must be taken of economic benefits in planning decisions.
- Role: Rettie calculated the net economic benefits of the development in terms of jobs, output, Gross Value Added and its fit with local economic strategies.
DUNDEE MARKET REVIEWS
- Client: Whiteburn Projects Limited
- Client: Unicorn Property Group
- Context: Assessment of the changing nature of the Dundee housing market in relation to its changing economy and future prospects.
- Role: Rettie provided extensive analysis of second hand and new build market and gave advice on product mix and pricing for specific sites
EAST LOTHIAN COUNCIL
- Client: East Lothian Council
- Context: Assessment of use of alternative tenures such as Mid Market Rent and Shared Ownership across East Lothian.
- Role: Rettie is providing analysis of need and demand for alternative tenures in the local authority area and giving advice on how such tenures can be delivered, including identifiying possible sites and use of Structured Finance solutions
CLYDE GATEWAY REVIEW
- Client: Clyde Gateway
- Context: Comprehensive review of the Glasgow residential market (residential sales, rents and investment)
- Role: Advice on development options for sites, including a 550 unit site at Dalmarnock, Riverside.