£67m secured for build-to-rent scheme offering more than 300 eco-flats on Edinburgh waterfront

Goodstone Living has agreed £67 million of debt financing with banking giant NatWest for the development of a major waterfront community in Edinburgh.

The planned build-to-rent scheme, branded as Dockside, promises panoramic views and will accommodate at least 338 homes and resident amenity space including rooftop lounge and dining, co-working areas and a fitness centre. Goodstone said its development team had “re-engineered” the project that was acquired last year to fully-electrify the scheme with an air source heat pump in each property.

The Leith-based project should also create 60 jobs and a targeted £2m worth of socio-economic benefits for the local community over two and a half years. Construction of the scheme is expected to commence shortly.

Carl White, investment director, Goodstone Living, said: “The size, scale and timing of this financing package underscores how defensive build-to-rent has become as an asset class. We continue to be attracted to Edinburgh’s growing rental population and falling supply which is creating enhanced demand for our high-quality, purpose-built and professionally-managed communities.”

Michael Goode, director, build to rent lead, NatWest, said: “We have long been supportive of build-to-rent for its structural characteristics, which have proven themselves throughout the last few years, as schemes have remained full and continued to attract investment. It is great to support a project seeking to not only reduce the severe demand supply imbalance in Edinburgh, but also to decarbonise both the construction and the operation of over 300 new homes for rent - each of which will have an air source heat pump.”