UK: Citra Living, the BTR arm of Lloyds Banking Group, has acquired 87 new homes in Edinburgh from Barratt Developments.
Citra, which owns and operates a portfolio of more than 2,000 homes across the UK, has acquired 66 apartments and 21 ‘colony-style’ houses from the UK’s largest housebuilder at its Heron Bank scheme in the north of the city.
The deal sees Citra take on a range of one-, two- and three-bedroom homes at the 115-home development which is nearing completion in the city’s Bonnington area. The homes are a short walk to the many shops, cafes and restaurants of Leith and the open spaces of a number of local parks, including the Royal Botanical Gardens. The first phase of homes will be available to rent from next month.
Heron Bank is located on South Fort Street near the Water of Leith and is part of the regeneration of a previously disused steel works and builder’s yard. The former brownfield site is less than two miles from Edinburgh city centre.
The acquisition is part of the strategic partnership formed between Citra and Barratt Developments in 2021. To date, the partnership has contracted to deliver more than 1,500 homes across the UK, with this latest deal following Citra’s acquisition of 156 new family homes at Barratt’s Winnycroft scheme near Gloucester last month.
Andy Hutchinson, chief executive officer of Citra Living, said: “Our focus continues to be bringing forward high quality new homes and delivering a positive rental experience in places where people want to live. Brownfield regeneration has a huge part to play in the UK’s housing mix, and this scheme highlights how new life can be breathed into a disused site to grow the residential offering in what is already a thriving and well-connected area. It’s pleasing to see the continued success of our partnership with Barratt, which has consistently created high-quality homes for our customers. Anticipating our first customers arriving this summer, we look forward to the new residential community at Heron Bank taking shape.”
Alison Condie, managing director at Barratt Developments East Scotland, said: “Barratt Developments is proud to be continuing its partnership with Citra Living by providing much-needed rented accommodation in one of Edinburgh’s most vibrant areas. With current conditions in the market, it’s more important than ever that we look at a spectrum of options when it comes to the development of homes. By transforming brownfield sites such as Heron Bank, we’re unlocking land that would otherwise lie dormant, providing further investment into the Leith community.”
