London & Scottish developments, the development arm of London & Scottish Property Investment Management (LSPIM), and GSS Developments have jointly acquired a site for £1.62m – near Haymarket station in Edinburgh. The two businesses have formed a joint venture company – Ladybank Developments – to deliver the project.
“We were attracted to Haymarket Yards because of its prime location in the expanding West End, its excellent communications and its infrastructure.
“Having developed and sold two high-end student residences in Leeds and Sheffield earlier this year for £90m, we saw the potential for this site as purpose-built student accommodation.”Andy Richardson, Group Development Director, London & Scottish
The site is the former goods yard which may be developed into purpose-built student accommodation (PBSA). The site currently has planning permission to develop 91 student beds, however the buyers are also looking into other options – as the area is undergoing redevelopment. There will be a major office development led by M&G Real Estate, and there are emerging proposals for Rosebery House by Aviva Investors.
“Recent developments in the surrounding buildings mean that there may be other attractive uses for the site. We intend to discuss the possible options with Edinburgh City Council in due course.”Andy Richardson, Group Development Director, London & Scottish