The public is to be given the opportunity to view proposals by Crosslane Residential Developments (Crosslane) for an exciting new residential serviced living development at Ocean Point 2, next to Leith’s Ocean Terminal.
Residential serviced living is a new type of fully furnished accommodation, with shared social spaces focused on creating a vibrant sense of community and all-inclusive rents, covering utilities and other living costs.
The scheme will comprise 293 units providing a mix of studio, 1, 2 and 3-bed apartments, with 74 of these offered at affordable intermediate rent levels.
The proposed high-quality, new development will be entirely different to other residential accommodation. The entire building is designed to be a living environment. The principle is that residents sleep in their room but ‘live’ in the building by taking advantage of the wide range of shared communal space and facilities available, generating a real sense of community within the development.
A development such as this responds to market demand for quality rental homes. This is fuelled by a lack of new housing supply coming to the market, an increasing proportion of young professionals looking for more flexibility in how they live and work, and challenges in affordability with many young people being priced out of an expensive and highly competitive apartment-based rental marketplace.
Research from letting portal Citylets reveals the average monthly rent in Edinburgh’s private rental sector rose by 9.8% to £1,191 in the last three months of 2021. This is rent cost alone and does not include utilities and other normal living costs.
93% of one and two-bedroom properties in the Capital found new tenants within one month, with average rents reaching £813 (up 4.9%) for a one-bed apartment, while two-bed apartments achieved average rentals of £1,111, up 9.8%.
The proposal from Crosslane will provide a new residential serviced living development that is affordable and hassle-free, in a convenient, accessible location, inclusive of utilities and bills. Target customers include local residents, young professionals, key workers and nomadic professionals drawn to Edinburgh by project led employment.
A Proposal of Application Notice (PAN) has been submitted to the City of Edinburgh Council, and two consultation events will be held.
Due to the ongoing pandemic and issues surrounding the COVID-19 virus, the Scottish Government has issued guidance encouraging developers to use online or digital engagement methods whilst public gatherings are prohibited.
On Thursday, 10 February 2022, between 3 pm and 7 pm, the development team will be available at www.oceanpoint2.com to answer your questions through a dedicated chat system as part of the digital consultation.
This will enable visitors to communicate directly with the design and advisory team and for them to answer any questions.
Details of the proposals will go live on the website from 9am. A second event is planned for March.
Visitors who do not have online access to exhibition materials can request hard copies from hello@oceanpoint2.com or contact Orbit Communications on 0131 202 3259 or at 4 Queen Street, Edinburgh EH2 1JE.
Mark Hughes, Managing Director at Crosslane Residential Developments, said: “Crosslane and its advisory team are looking forward to be giving the local public the chance to view and comment on exciting proposals for our Ocean Point 2 development in Leith.
“This is an incredibly appealing prospect for both Leith and Edinburgh as a whole. Residential serviced living represents an innovative affordable housing solution at a time when rental accommodation prices in the capital are soaring, and there are serious demands on housing supply.
“Our proposals will significantly assist in the regeneration and expansion of this part of the city. We are consulting extensively to ensure that people from across the local area have an opportunity to input their views and shape our ambitious proposals.
“We encourage all interested parties to speak to the team on 10 February and to put any questions you have to them.”
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