Edinburgh planning: Bid to add student accommodation to major New Town residential development

Watch more of our videos on ShotsTV.com 
and on Freeview 262 or Freely 565
Visit Shots! now
Developers want to add student accommodation to plans for a major housing development in Edinburgh's New Town.

The 5.9 acre former Royal Bank of Scotland site in Dundas Street currently has planning permission for around 350 new homes - a mix of build-to-rent, private residential and mid-market rent - as well as 7,430 square metres of office space.

Hide Ad
Hide Ad

But now developers Ediston, in collaboration with Orion Capital Managers, hope to change the two blocks of what were to be build-to-rent homes into purpose built student accommodation, but without changing the exterior appearance.  And they also want to switch the office block to residential units.

Changes are proposed to the developmentChanges are proposed to the development
Changes are proposed to the development | supplied

The company plans to lodge a formal notice of its proposed changes for the “New Town Quarter” soon and hold  public exhibitions to explain the changes.

The blocks previously intended as build-to-rent would now become accommodation for around 580 students. And the office block would be converted to around 80 homes, increasing the number of homes for sale on the site to around 200.  The mid-market rent block of 108 homes would remain unchanged.

Hide Ad
Hide Ad

Ediston say they intend to start construction of the five residential blocks opposite Royal Crescent - which will be homes for sale - within the first quarter of 2025, once a main contractor has been secured. 

The affordable homes for mid-market rent located between Dundas Street and Eyre Terrace are also planned to start going up in 2025. 

The change of plan for the site was revealed in a letter to local residents. Ediston said inflation had had a significant effect on the construction market, making some projects no longer viable.

Hide Ad
Hide Ad

"The knock-on effect is a tighter contracting market with a lower number of organisations being willing and able to take on major commercial and residential projects. Rising interest rates has had an impact too, creating what is effectively a double whammy effect of both increasing the cost of development finance, whilst depressing the valuations of commercial buildings, such as offices."

And it said the Scottish Government's decision to to impose rental restrictions had "effectively killed-off" the funding for buy-to-rent (BTR) projects.

"The proposals we bring forward at New Town Quarter will still be residential led, in order to satisfy the demand for new homes; but in the current marketplace we simply cannot deliver the BTR element. Indeed, we know of no other developer bringing forward new BTR developments in Edinburgh/Scotland.

Hide Ad
Hide Ad

“We have therefore had to change to an alternative use that is capable of being fully developed, recognising approaches we have received from top quality operators in the Purpose Built Student Accommodation (PBSA) sector.

“Please be reassured that whilst we propose to change the BTR parts of the site to PBSA, we do so in order to ensure we can deliver a high quality residential led proposal without any significant change to the visual appearance of the development, and are able to maintain the quality of materials and public realm. The only material change is to the use class itself."

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.

News you can trust since 1873
Follow us
©National World Publishing Ltd. All rights reserved.Cookie SettingsTerms and ConditionsPrivacy notice