Residential developer HUB and Bridges Fund Management, a sustainable and impact investor, have acquired the Beaverhall House site in Canonmills, Edinburgh. The 1.25-acre site is one of the largest pieces of land in a single ownership in the Canonmills area. Scarlett Land & Development advised HUB and Bridges on the acquisition, and Turley is acting as planning consultant.
HUB and Bridges are developing plans for a mixed-use scheme on the Beaverhall House site with plans to incorporate Build to Rent homes – as well as affordable, contemporary studio space for the area’s local artistic community, along with enhanced public realm. With the scheme aiming to complete in 2025, HUB will soon begin extensive community engagement to help shape their plans.
In line with HUB and Bridges’ focus on delivering homes in well-connected locations, the Beaverhall House site is in the lively Canonmills area, and is a 15-minute walk from the heart of Edinburgh. It’s also close to the green spaces to the north, including the Botanical Gardens and Water of Leith.
“This scheme continues our strategy of acquiring sites in ‘lifestyle’ cities – places with strong fundamentals and demand for high quality housing. We have been seeking the right opportunity in Edinburgh for some time. Canonmills in particular is the perfect location to create a hub where you have everything you need on your doorstep, catering to the changing ways we want to live and work post-pandemic. We are excited to bring HUB’s proven experience of delivering beautifully designed mixed-use schemes in strategic locations to Edinburgh.”Damien Sharkey, Managing Director, HUB
This is the ninth deal that HUB and Bridges have partnered on – and builds on their successful track record of delivering well-designed, community-focused residential schemes. The Beaverhall House deal also continues HUB’s expansion into key cities across the UK, following their acquisition of two significant sites in Leeds earlier this year (also with Bridges) and the recent planning consent of its 2,000-home mixed-use scheme in Digbeth, Birmingham.
“There is a clear need for more lower-cost and affordable housing right across the UK. Since 2014 we’ve successfully partnered with HUB on a number of projects across London, which are on course to deliver over 1,500 high-quality units – including a significant number of affordable homes.
“We’re very pleased that we now have an opportunity to expand this proven model into other areas of the UK where there is strong demand for this kind of housing. We believe this scheme can deliver significant positive impact for the Canonmills area, in line with Bridges’ mission to help build a more inclusive and sustainable economy whilst generating attractive financial returns for our investors.”Simon Ringer, Head of Property Funds, Bridges Fund Management