The development site is located less than a mile from the city centre, close to local amenities and Edinburgh’s main shopping and leisure areas. It was built as a school in 1903, before serving as office accommodation from the late 1970s.
The developer is experienced in the provision and management of rented residential accommodation in the city, owning a number of apartments himself and having owned and run a large residential lettings businesses.
The redevelopment has created a block of private rented accommodation, with amenity areas and services such as a gym, club room and rooftop terrace. In total there is over 30,000 sq. ft. of residential accommodation, 5,000 sq. ft. of shared amenity space and 16,000 sq. ft. of service areas around the building.
The developer already had senior debt in place when we provided mezzanine funding to complete the development and fund the furnishing and equipping of the flats as well as to repay some of the original private investors in the scheme.
Our funding was secured by way of a second charge on the property..
The development has now completed successfully and the flats are in the process of being let. We will be repaid via a re-financing of the investment.