Student Housing Site sold for over £3m at Lochrin Place, Tollcross, Edinburgh
Leading Scottish house builder Mactaggart & Mickel Group have concluded the sale of part of their 0.8 hectare (1.98 acres) site at Lochrin Place, to the west of Tollcross, Edinburgh. Part of the site has been sold to Knightsbridge Student Housing Ltd (KSHL) and benefits from Detailed Planning Consent for 240 student bedrooms together with 3 commercial units. KSHL paid over £3m for the site.
This prime student housing site is well located for students attending The University of Edinburgh and Edinburgh Napier University. The site faces the former terminus of the Union Canal, known as Lochrin Basin, and the scheme incorporates a new pedestrian/cycle access through to the canal from West Tollcross. There will also be a new area of public space formed at the end of West Tollcross.
The student accommodation block comprises 240 student beds in a purpose built building over five storeys rising to six at the east end with seven storeys fronting the canal. Twenty two Affordable units have already been built by Mactaggart & Mickel and occupied as part of the existing consent.
Craig Ormond, Land Manager for Mactaggart & Mickel commented, "We are delighted to have completed the sale with the help of Will Scarlett and his team at Rettie & Co. KSHL have already commenced construction on the student element which when complete will make a positive contribution to the regeneration of this area."
Simon Pollitt, Development & Acquisitions Director for KSHL commented, "This is a great first acquisition in Scotland for KSHL and by proactively working with Mactaggart & Mickel, Capita Symonds and our construction partner Watkin Jones we have managed to start on site to allow practical completion in time for the 2014/15 academic year."
Mactaggart & Mickel Lochrin Limited were represented by William Scarlett, Director of Rettie & Co's Land, Development & Residential Investment team, whilst KSHL were represented by David Mathewson, Divisional Director of Investment at Capita Symonds.
William Scarlett commented, "This is the latest in a series of student housing sites which Rettie & Co have sold or acquired on behalf of our clients. We are delighted in this instance to have acted for Mactaggart & Mickel Lochrin Limited and brokered a deal with KHSL."
Edinburgh is one of the UK's leading student locations. There are nearly 60,000 students studying at the city's Higher education institutions. The University of Edinburgh, Heriot-Watt University, Napier University and Queen Market College are all ranked in the top 60 Higher Education institutions in the UK. The absence of student fees for those from Scotland is likely to maintain student applications and numbers going forward.