New firm pledges £100m housing investment
A new company has been launched which promises to inject around £100 million in the social housing and mid-market rental sector over the next four years.
Ediston Homes, the new housebuilding brand of property investment, development and asset management firm Ediston Real Estate, already has its first major project already underway in Edinburgh.
The development at The Fruitmarket in Chesser, will comprise 34 semi-detached and terraced houses for sale as well as 80 flats available for rent under the National Housing Trust initiative which promotes affordable housing. The houses for sale will be marketed during next year with the rented units becoming available from November 2016. The company has also developed a rental model which will focus on key worker accommodation, and with Ediston Real Estate’s experience in institutional investment, it is aiming to invest around £100m in the social housing and mid-market rental sector over the next four years.
Ediston has thus far concentrated on commercial real estate with only fleeting investment into residential, but this will change with the launch of Ediston Homes. It will focus on mid-market homes mainly in central Scotland with some of its projects, such as The Fruitmarket, being mixed use and developed in conjunction with Ediston Real Estate.
Ediston Homes is headed-up by managing director Peter Brogan, formerly of Muir Homes, who is responsible for delivering the ambitious business plan.
He said: “At the moment not enough new homes are being built in Scotland which is creating high demand across all housing sectors. Coupled with the current economic conditions, this makes it an ideal time to launch this exciting new business.”
The company’s new board includes chairman Harry O’Donnell who was previously managing director of Miller Homes, as well as Andy McKinlay and Bob Millar from Ediston Real Estate.
Danny O’Neill, founder and chief executive of Ediston, said that recent changes in the housing industry make it the right time for the company to invest and develop opportunities directly.
He added: “We are increasingly looking at commercial development sites where residential could or does form part of the project masterplan, and with the funding we can bring to mixed use developments, Ediston Homes allows us to now consider such opportunities.”
“Our commercial real estate business remains the dominant part of the Ediston Group and has thus far invested £203m into the UK market in 2015 and this focus will not change. However the team at Ediston Homes has an opportunity to create a great business in a sector which is need of additional well-funded developers and more importantly much-needed delivery of new homes.”