Locals are raising a glass to a development on a former brewery in the heart of Edinburgh, which could add £30 million to the local economy over the next three years.
The figures released today (8 July) by The EDI Group highlight the economic impact of building the India Quay development on the former McEwan’s brewery site in Fountainbridge.
EDI’s masterplan will deliver the largest build-to-rent scheme in Scotland to date and includes 438 mixed tenure homes and apartments, as well as a hotel, office and retail spaces and a selection of cafes and restaurants.
The first phase of the development will create 250 jobs in Fountainbridge, rising to 1,250 when the whole site has been developed, EDI said. The first phase will also generate 140 construction jobs.
Councillor Gavin Barrie, Chair at The EDI Group Ltd, said, “These latest economic impact figures highlight how important India Quay will be for growth, investment and job opportunities in the city, especially in the creative and cultural industries and in the retail, tourism and hospitality sectors.
“Bringing an under-used site back into community use will also deliver innovative living opportunities for local residents and workers at a time of need. India Quay will be a quality addition to the Edinburgh’s iconic built environment and create a vibrant destination to attract additional visitors to the capital.”
All of the homes will be professionally managed in a single ownership build-to-rent model and will be aimed at the entire market, from young professionals to families and downsizers.
Lynn Smith, Head of Development at The EDI Group, said, “With more graduates and city workers looking for flexible city living opportunities in light of mortgages being tightened after Brexit, the build-to-rent model is a positive solution and India Quay will cater for this need.
“We feel Edinburgh offers the most exciting opportunities for this market in the UK. The site’s close proximity to Haymarket Station and the expanding Exchange office district also make it a suitable location for investors in search of a unique proposition in the capital.”