Rettie completes ‘massively oversubscribed’ Edinburgh mid market rent development

The structured finance team at Rettie & Co has delivered its second mid market rent (MMR) development at Edinburgh’s Western Harbour with more than 3,000 people applying for the 138 homes on offer.

Forth Ports’ Harbour Gateway MMR project, part of the Western Harbour in Edinburgh, offers an alternative version of the Build to Rent (BTR) concept, delivering rental accommodation at an affordable level to residents within a capped earnings bracket and is increasingly viewed as a solution to the chronic undersupply of housing in Scotland.

First handovers at Harbour Gateway took place earlier this month in what is the second project managed by Rettie & Co on behalf of Forth Ports and takes the total portfolio at Western Harbour to 234 homes. The Cruden Group and RBS provided construction funding with Hart Builders as principal contractor.

The project has been delivered through Scottish Futures Trust’s National Housing Trust Initiative developed in partnership with the Scottish Government and others, with funding provided by City of Edinburgh Council supported by Scottish Government.

Carole Cran, chief financial officer at Forth Ports, said: “We are delighted to be offering another 138 high quality homes at an attractive rent resulting from the collaboration between the Scottish Government, Scottish Futures Trust and City of Edinburgh Council, and we hope very much to be able to build on this experience to complete the rest of the masterplan.”

Matthew Benson, director, development services at Rettie & Co, added: “Harbour Gateway represents another milestone for the team and illustrates the collaborative way in which public and private sector financing deals can be combined to the satisfaction of clients and investors while delivering high quality homes for residents.”