Rare Income-Generating Development Opportunity in Edinburgh
Shepherd Chartered Surveyors has recently announced an exceptional opportunity for investors and developers looking to capitalize on a prime piece of real estate in Edinburgh. The firm is bringing to market a unique income-producing development site located in the highly sought-after Warriston district, just a stone’s throw from the bustling Leith Walk and a mere 1.5 miles from the heart of Edinburgh’s city centre.
Prime Location
The site, spanning 1.5 acres, is strategically positioned on the north-east side of McDonald Road. This location is not only convenient for access to the city centre but also benefits from a wealth of public amenities. The area boasts generous public greenspaces, making it an attractive option for potential residents and businesses alike. Additionally, the site is well-served by public transport, with multiple bus stops and the tram line within walking distance, ensuring easy connectivity to the wider Edinburgh area.
Existing Properties and Income Potential
Currently, the site comprises a mix of one and two-storey office, showroom, and warehouse buildings. These properties are income-generating, with a weighted average unexpired lease term of three years, providing a steady cash flow for potential investors. The site also features a yard that includes parking facilities for up to 20 cars, enhancing its appeal for commercial use.
Development Potential
A feasibility study conducted by 56 Three has unveiled exciting possibilities for the site’s future. The study proposes the development of two residential buildings, ranging from 5 to 7 storeys, which would accommodate 235 bedspaces of Purpose Built Student Accommodation (PBSA) and 75 Build to Rent (BTR) private rented sector apartments. This vision aligns with the growing demand for quality housing in Edinburgh, particularly in areas that are well-connected to the city centre.
Supportive Planning Framework
Emily Anderson, an Associate at Shepherd Chartered Surveyors, emphasizes the site’s potential, stating, “This exciting site is a real one-off and has several potential end uses, with no current zoned alternative use within the Edinburgh Local Development Plan.” The site is identified in the proposed Edinburgh City Plan 2030 for New Housing, which supports its potential for future residential development. This forward-thinking planning framework positions the site as a prime candidate for residential projects, catering to the increasing demand for housing in the area.
Ideal for Diverse Development
The Warriston district is characterized by its predominantly residential surroundings, making it an ideal location for new housing developments. Notably, the site does not fall within a high concentration student population area, which opens the door for PBSA development while still appealing to families and young professionals seeking quality rental options. This versatility makes the site a compelling opportunity for developers looking to diversify their portfolios.
Call to Action
With offers now being invited, interested parties are encouraged to act quickly to seize this rare opportunity. For more information or to express interest, potential investors and developers should contact the sole selling agent at Shepherd Chartered Surveyors by calling 0131 225 1234.
In conclusion, the development site on McDonald Road presents a unique opportunity in a flourishing Edinburgh district. With its strategic location, existing income potential, and supportive planning framework, it stands as a promising investment for those looking to make their mark in the Edinburgh property market.