A “rare, income-producing” development opportunity in what is described as a “highly sought-after” area of a Scottish city is up for sale, with potential to build houses and student accommodation flagged.
The site, on the north-east side of McDonald Road just off Leith Walk in the Warriston district of Edinburgh, is being marketed by Shepherd Chartered Surveyors.
Shepherd said: “A feasibility study has been undertaken by 56 Three, which proposes two residential buildings of five to seven storeys of 235-bedspace purpose built student accommodation and 75 build-to-rent private rented sector apartments.”
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It noted that the 1.5-acre site, about one-and-a-half miles north-east of Edinburgh city centre, is “located close to generous public greenspace and has well-established public transport connections with multiple bus stops and the tram line within walking distance”.
Shepherd added: “The properties comprise a mixture of one and two storey office, showroom and warehouse buildings. The site includes a yard of which part is allocated to parking for up to 20 cars. The properties are income producing, with a weighted average unexpired lease term of three years.”
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Emily Anderson, associate at Shepherd, said: “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. Accordingly, it would be suitable for residential development for private sale or alternative commercial uses.
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“The site is identified in the proposed Edinburgh City Plan 2030 for new housing. This supports its potential for future residential development.”
She added: “It does not form part of the high-concentration student population area and therefore may also be suitable for PBSA (purpose built student accommodation) development. Further, the surrounding area is predominantly residential, supporting the potential of the site for residential development.”
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