Housing charity LAR has completed its second deal this year for a development in Edinburgh.
LAR has closed a deal with Manchester based MCR Property Group to buy 40 units at Chesser House on the city’s Gorgie Road and this follows its record-breaking deal in January this year at Westwood House, just next door.
The Fife based organisation, which was set up two years ago to provide much needed mid market rental properties across Scotland, has agreed to purchase the units for an undisclosed sum.
LAR Chief Executive, Ann Leslie, said: “We’re delighted to have secured this building to be able to offer more quality, affordable homes in Edinburgh. We have a number of developments in Mid and East Lothian, but this is just the second in Edinburgh itself.
“We will be offering a range of one, two and three bed homes in a superb location and this is a most welcome addition to our portfolio.”
Chesser House is a former 1970s office block and this deal is LAR’s second biggest to date in terms of costs and number of properties.
Nick Lake of MCR Property Group commented: “We hope that the conversion of Chesser House will be the first of many projects for MCR in Scotland and we are delighted to have partnered with LAR to deliver 40 much needed affordable homes for Edinburgh. The remainder of the site will provide a further 123 apartments to be offered for private sale.”
Work has already begun at the site and LAR expects its first tenants to move in by autumn 2019.