A solution to Scotland’s shortfall of residential homes for rent is being pioneered in Aberdeen.
This comes with the creation of the country’s first large scale build to rent scheme, set to address a critical lack of high standard accommodation for professionals in the city. Premium developer Dandara is currently constructing Forbes Place at Stoneywood, a mixed community of 292 apartments and townhouses which was purchased by LaSalle Investment Management, one of the world’s leading real estate managers, this summer.
Businesses across the energy sector and beyond continue to invest in new commercial property in Aberdeen – including major new headquarters and industrial premises at business parks such as Dandara’s City South and Badentoy North – securing existing and creating new employment, which in turn boosts demand for new homes.
Gavin Wyley, managing director of Dandara in Aberdeen, says: “There has been a significant lack of new rental property for the medium-term occupancy market in north-east Scotland, leaving large numbers of business travellers and expatriate workers relocating to the oil capital of Europe with few options.
“There is huge pressure on the wider marketplace, with continuous demand from the seeing all 21st century-standard accommodation taken up almost immediately.
“Forbes Place was designed specifically for the build to rent sector, providing homes for economically mobile professionals who prefer to rent over being tied to a purchase, who want access to high quality services on a flexible basis – who enjoy the benefits of modern living on their terms, such as streaming music and TV services wherever they are, hiring cars when they have a requirement, and onsite concierge facilities at their home.
“LaSalle Investment Management has made a significant inward investment into the Aberdeen property market through its purchase of Forbes Place, giving institutional investors the opportunity to acquire a purpose-built-and-maintained development in a major business location where there is already huge demand.”
Completion of the first phase of properties available for rent at Forbes Place is expected in summer 2016.
LaSalle has retained Dandara for ongoing facilities management of the units at the development, including provision of a 24/7 onsite presence.
Properties at Forbes Place are characterised by Dandara’s premium brand, featuring the highest standard of interior finish, balconies for every home, underground parking, concierge service and video entry, lifts, fibre broadband connections in excess of 50Mbps, secure Amazon delivery facilities for tenants and refrigerated storage for groceries.
“A key attraction of Forbes Place at Stoneywood is its location close to major centres of employment including the headquarters of large-scale energy sector companies, and business parks such as D2 and ABZ in the Aberdeen International Airport zone,” adds Mr Wyley.
“A major factor in the establishment of Dandara’s Scottish HQ in Aberdeen was the opportunity to address the shortfall the city has suffered in the availability of high quality accommodation at the upper end of the market, and Forbes Place is a significant element of our delivery of those much-needed properties.”
For more information on properties at Forbes Place, visit www.dandara.com or call 01224 719900.