Property developer submits planning application for Scotland’s first purpose-built PRS development
Grosvenor Group has submitted a planning application for Scotland’s first purpose-built, large scale build-to-rent residential development.
The property developer will build, own and manage up to 400 homes in Springside, Fountainbridge, near Edinburgh city centre.
In addition to the new homes, the application proposes a new public square, as well as commercial and retail space.
If planning permission is granted, Grosvenor will carry out construction in phases over the next five years, with work on an initial 141 homes starting in 2016.
Grosvenor’s latest application is the next phase of development at Springside, where the property developer has already built 250 homes.
It decided to hold back 46 of the homes to test the private rental market in Edinburgh, and claimed the experience has shown a demand for private rental accommodation in the city.
David Yaldron, director of city centre developments at Grosvenor, said: “Our proposals aim to provide homes, public spaces and amenities that will help the community grow and establish the neighbourhood as one of the best places to live in Edinburgh.”
He added: “It also gives residents confidence that these will be high-quality, professionally managed homes, with a level of service and security not currently associated with the private rental market.”