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Prime Student Accommodation Development, Haymarket Yards, Edinburgh, EH12 5BH

0.16 Hectare / Industrial / Design & Build

Withdrawn - Last updated: 07 October 2022

Opportunity to forward fund a prime student accommodation development in Edinburgh city centre.

The development will comprise purpose-built student accommodation arranged over ground and seven upper storeys and will provide a total of 153 studio apartments. In addition, common amenity space for the scheme includes media room, gym, common room, study room, cycle store (154 cycle spaces) and laundry. External amenity space includes entrance courtyard with flexible seating, roof terrace and hidden garden.

( Agency Pilot Software ref: 12370 )

Location

Edinburgh is the capital city of Scotland and home to the Scottish Government. It has an estimated population of 519,000 people, increasing to 1.38 million within the Edinburgh city region. It is one of the fastest growing cities in the UK with over 13% growth in the last 10 years and 12% upward growth projected for the period to 2041.

Haymarket Yards is located in Haymarket, the western gateway to Edinburgh city centre, one of the city’s most established districts and subject to significant investment and development in recent times. The site is extremely accessible to the rest of the city and sits at the conversion point of the A8 arterial road, the tram route, the train line, and local footpath and cycle way, demonstrating its excellent accessibility. The immediate surrounding area boasts a generous mix of amenities and attractions with notable occupiers including, amongst others: Royal London, Scottish Enterprise, Apex Hotels, The Edinburgh Grosvenor and The Haymarket Hub Hotel. There are a number of competing PBSA residences in the immediate vicinity, including Nido Haymarket, IQ Grove Street, IQ Fountainbridge, Novel and Vita Fountainbridge.

Accommodation

The site extends to 0.16 hectares and is located between the rear of Apex House on Haymarket Terrace and the buildings fronting Haymarket Yards. It has remained undeveloped since the redevelopment of Haymarket Yards in the 1990s. All access to the site is from the east, via Haymarket Yards. There is no access from Devon Place.

Studio: Ground Floor - 19.7 sq m

Studio: Floors 1-5 - 19.7 sq m

Studio: Floors 6-7 - 19.7 sq m

Studio Plus: Floors 1-5 - 20-21 sq m

Studio Plus: Floors 6-7 - 20-21 sq m

Studio Accessible: Floors 1-5 - 24.6 sq m

Studio Accessible: Floors 6-7 - 24.6 sq m

Terms

PRICE - Our client is inviting offers to forward purchase the completed development on the basis of a full funding transaction.

It is envisaged that the Funder/Purchaser will acquire the site at an agreed price following agreement of a build contract. Thereafter the Funder will provide interim monies to undertake construction and completion of the development. It is anticipated that interest at an agreed rate will accrue on monies drawn down and will be deducted from the balancing payment due to the developer on completion of the development.

The balancing payment will represent the difference between the end purchase price and approved costs incurred by the Funder in relation to the development.

Offers in excess of £XXX (Twenty seven million six hundred and forty six thousand pounds) exclusive of VAT are invited. On the specific assumption that LBTT is incurred on the site price only and that this cost will be treated as a development cost, a purchase at this level would represent a Net Initial Yield of 5.25% assuming purchasers costs at 1.8%.

A copy of the Development Appraisal can be provided to parties expressing a serious interest.  Other purchase or funding structures may be considered and for reference the property is held within a UK registered and domiciled SPV.

TENURE - Outright ownership / heritable (Scottish equivalent to English freehold).

SUSTAINABILITY CREDENTIALS - A full breakdown of sustainability and ESG credentials for the proposed scheme are available to view in the data room

VAT - The land is elected for VAT.

CAPITAL ALLOWANCES - It is anticipated that any available allowances will pass to the Funder/Purchaser. Further information can be made available.

ANTI-MONEY LAUNDERING - To comply with anti-money laundering regulations we are legally required to undertake due diligence on prospective purchasers which will at the minimum include proof of identity/address and funding. Applicable documentation will therefore be required on agreement of Heads of Terms.

Specification

  • Rare opportunity to forward fund a well-located, best in class, all studio PBSA residence in Edinburgh City Centre.
  • Full planning consent for PBSA development.
  • Comprising 153 studio beds, with high specification finish throughout.
  • Demand for studio-focused accommodation has risen over the past 12-18 months.
  • Full income and expenditure forecasts provided by Homes for Students.
  • Excellent transport links, in close proximity to the new tram route which connects directly to and from Edinburgh Airport.
  • Close to buses and national cycle routes, and only 500m from Haymarket Train Station which links to the national rail network.
  • Very attractive supply-demand dynamics; current full-time student numbers outweigh bed spaces by a ratio of more than 3:1.


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