Drum Property Group Starts Construction at Stead’s Place, Edinburgh
Edmond de Rothschild Real Estate Management to Forward Fund First Phase of 110 Build-to-Rent Apartments
Drum Property Group’s ambitious vision for the long-awaited redevelopment of a key site on Leith Walk, Edinburgh, will soon be realised with on-site construction starting in July 2022.
Drum’s ambitious proposals for Stead’s Place, near the foot of Leith Walk, were approved by the City of Edinburgh Council in 2021 heralding a major regeneration of the 2.9-acre site and bringing much-needed investment to this important part of the city.
The Stead’s Place site has been earmarked for development by the Council since 2008 and consisted largely of an aged industrial estate and office space, together with a two-storey red sandstone building facing directly on to Leith Walk.
With refurbishment of the red sandstone building nearing completion, Drum has cleared the Stead’s Place site to the rear and, in the first phase of construction, will build 110 high-quality build-to-rent apartments for Edmond de Rothschild Real Estate Investment Management (REIM), who have agreed to forward-fund the development. The apartments will be completed by spring 2024.
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