Equity funding to back luxury low carbon homes development in Edinburgh
Housing Growth Partnership (‘HGP’) has provided equity funding of more than £3m to award-winning UK property developer Artisan Real Estate for its latest development project in Edinburgh.
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The funding, which follows the recent launch of HGP’s £300m fund for SME housebuilders across the UK, will support the development of Rowanbank Gardens in Corstorphine, comprising 126 energy-efficient, low carbon homes.
Colin Bennett, Investment Director for Scotland at HGP, said: “Edinburgh has ambitious targets for low carbon housing and we are more than confident that this latest development, will prove to be extremely popular in the local market.
Artisan is best known in Scotland for large scale city regeneration projects like New Waverley, which has transformed the heart of the Capital’s historic Old Town.
The developer is now applying the same values and philosophy which has guided the successful design and execution of New Waverley to its residential developments, setting it apart from other major homebuilders in Scotland.
HGP has forged an excellent working relationship with the Artisan team and we are delighted to be investing into this exciting development that will significantly raise the industry bar on sustainable home building in Scotland.
The development will deliver a mix of one-, two- and three-bedroom apartments, all designed around a central courtyard garden, filled with fruit trees and communal planting beds, that will provide nearly twice the level of open space recommended by council planning policy.
Apartments are designed for open plan living with large windows giving views of the courtyard and the wider area, while green roofs ensure benefits of surface water retention, insulation and ecology.
Linking closely with Edinburgh City Councils ‘Future Edinburgh’ strategy which aims to make the city carbon neutral within the next ten years, Rowanbank’s smart building design has been matched with an innovative approach to placemaking and community - introducing such creative concepts as green roofs, ‘edible’ gardens and green transport plans to sensitive city centre environments, which includes all-electric charging points for the provided car parking, City Car Club spaces and generous secure cycle parking.
David Westwater, Artisan’s Scottish Regional Manager, for Artisan Real Estate, believes that the development represents an exciting stepping stone in the growth and development of the company.
He said: “HGP have proved to be a great support to us every step of the way and we’re looking forward to working closely together to bring this low carbon development to market and importantly, satisfying the housing needs of so many local people.
“Remaining true to our urban regeneration credentials, at the heart of all our developments is building a strong sense of place for a wide range of homebuyers, including young professionals, families and downsizers.
“With Rowanbank, we now have an opportunity in Scotland to set a new benchmark for high quality urban regeneration in a sensitive city-centre environment, but with low carbon footprint development at the heart of everything we do.”
The properties will be for sale from November, with the sales office opening in Spring 2022, and first movers anticipated in Autumn 2022.