New homes and improved artists’ studios planned for Canonmills
Residential developer HUB and impact investor Bridges Fund Management have acquired the 1.25-acre Beaverhall House site in Canonmills, Edinburgh to progress a mixed-use proposal for the site.
Beaverhall House is one of the largest pieces of land in a single ownership in the Canonmills area. HUB and Bridges are developing plans to incorporate build-to-rent homes and affordable, contemporary studio space for the area’s local artistic community, along with enhanced public realm.
With the aim of delivering the scheme in 2025, HUB will soon begin extensive community engagement to help shape its plans. Public consultation will run from September through to November.
This is the ninth deal on which HUB and Bridges have partnered.
Damien Sharkey, managing director at HUB, said: “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.”
Simon Ringer, head of property funds at Bridges Fund Management, said: “There is a clear need for more lower-cost and affordable housing right across the UK, not least in Edinburgh where affordability is an increasing issue. Since 2014 we’ve successfully partnered with HUB on a number of projects, 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 Edinburgh. We believe this scheme can deliver significant positive impact for the Canonmills area.”
Scarlett Land & Development advised HUB and Bridges on the acquisition. Turley is acting as planning consultant.