Tag: Firethorn Trust

Firethorn Trust reaches build milestone at Leith Walk site

Commercial real estate investor, developer and asset manager, Firethorn Trust, has passed a major milestone at its purpose-built student accommodation (PBSA) scheme on Leith Walk with completion of the building’s substructure. 

Ogilvie Construction has been appointed to deliver the six-storey block, which will create high quality accommodation for 230 students when it completes next year. 

The development includes construction of a single storey block adjacent to the main building, which will provide laundry facilities, a gym, cinema, and cycle store, as well as an electricity substation to power the buildings.

Donald MacDonald, Managing Director, Ogilvie Construction, said: “Site operations started in October with the demolition of the previous structure and the project has made excellent progress since then.

“With the completion of the ground slab substructure, the next phase of the build will see the columns rising as we complete each storey of the new building.

“This is our 15th student accommodation project in recent years, and we look forward to handing over a first-class facility to Firethorn Trust next year.”

Paul Martin, Development Director at Firethorn Trust, said: “As the first PBSA scheme within our Living portfolio, Leith Walk reflects our ambition to meet growing demand for modern student housing in prime university cities across the UK. 

“With a shared commitment to quality, alongside the strength of its local expertise, Ogilvie Construction is perfectly positioned to deliver our vision for the development, which has been designed to meet the highest sustainability standards, while providing a vibrant community for students to thrive.”

Work is expected to complete in time for the 2026/27 academic year.

Ogilvie Construction is part of the Ogilvie Group, one of Scotland’s most consistently successful family-owned businesses.  The company is over 65 years old and employs 600 people across its various business operations in the UK.

Firethorn Trust secures £29.95m Leumi UK financing for Leith Walk student housing development

Commercial real estate investor, developer and asset manager, Firethorn Trust, has secured a £29.95million debt package from Leumi UK to deliver its first purpose-built student accommodation (PBSA) scheme.

The financing will support the delivery of a 230-bed PBSA project in Leith, which Firethorn acquired in February 2024.

Forming part of the Leith Walk redevelopment scheme, the site has planning permission to deliver a six-storey building featuring high quality accommodation and generous amenities, including a fully-equipped gym, modern study spaces and student common rooms.

Edinburgh’s PBSA market is materially undersupplied, with a student-to-bed ratio of 3.13:1 and a limited development pipeline. The Leith Walk development will help to address demand by creating much-needed bed spaces, while a modern and sustainable design specification will contribute towards BREEAM ‘Excellent’ and EPC ‘A’ ratings.

Richard Whitby, Chief Financial Officer at Firethorn Trust, commented: “The Leith Walk project required a partner that could provide a tailored financing solution to meet our bespoke needs, which is precisely what Leumi delivered.

“We are delighted to be working with Leumi on this development and are excited about the potential for collaboration on future projects as we grow our Firethorn Living platform.

“With our established track record in developing high-quality assets and generating strong returns, we are confident that this development will play a key role in addressing the critical need for modern student housing in Edinburgh’s vibrant university district.”

Dan Whiteman, Relationship Director at Leumi UK, added: “In many ways, this transaction epitomises what sets Leumi UK apart, as we were able to complete this transaction with great focus on ensuring the lending solution met the specific needs of the sponsor.

“Firethorn Trust has a strong track record of creating attractive and sustainable spaces, and we look forward to expanding our relationship as it grows its Living platform.”

The Leith Walk development is expected to complete in time for the 2026/27 academic year.

Firethorn Trust was advised by Brotherton, BCLP and CMS. Leumi UK was advised by Osborne Clarke and MFMac.

For more information, visit www.firethorntrust.com.