Located to the north of Edinburgh city centre on the waterfront in Leith, the 2.5-acre Ocean Drive site includes four mid-rise buildings of between 10 and 14 storeys. The scheme will sit directly on Albert Docks with unparalleled and uninterrupted views over the Firth of Forth to the north and Edinburgh's historic city centre to the south.
Leith's scenic waterside and creative hub known as 'The Shore' is a few minutes' walk away from the site, offering Michelin star restaurants, stylish bars and food precinct whilst the adjacent Ocean Terminal shopping centre provides a diverse mix of local dining, leisure and shopping options for residents.
The scheme will be boosted by the city's tramline extension to Ocean Terminal - scheduled for completion in 2023. The extension will run directly past the development and enable a 10 minute commute into Edinburgh's financial district, which is already within walking distance.
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, a 24 hour on-site management team and communal rooftops to provide both waterfront and skyline views across Edinburgh.
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The site already has a planning consent and Goodstone plans to commence construction this summer.
Underpinning Goodstone's ESG commitments, the waterside development will target a 50% reduction in carbon compared to current building regulations with 25% of the site given over to affordable housing.
Each of the four buildings will go above and beyond building regulations to include two stairwells – maximising fire safety.
Timeout, the travel and lifestyle magazine, rated Leith number four in its 2021 list of "coolest neighbourhoods in the world" – up 20 places from 2018.
Edinburgh is highly attractive for BTR developers because of its strong fundamentals, such as an outsized population of post-graduates and young professionals, and a higher proportion of renters (26%) than most of the UK.
A 2020 report from JLL revealed that 25-44 year olds account for 35% of Edinburgh's population – higher than any European city, while 51% of Edinburgh's workforce has a tertiary education – compared to the global average of 34%.
According to a report from Knight Frank and UCAS, Edinburgh boasts a student retention rate of 53%, ranking it higher than any UK city apart from London.
Martin Bellinger, Principal at Goodstone Living, 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. Our strategy will continue to identify opportunities such as this where an undersupply of quality housing matches with key criteria for growth and further regeneration.
"As with our plans for Digbeth in Birmingham, our residential placemaking strategy is to offer a better quality of living while building healthy homes that are accessible to local residents. We will do this by using smarter design and creating facilities that respond to the way people live, work, play and relax in a post-pandemic world."
