How Craigmillar became hot property. . in just 20 minutes

Published on Friday 15 February 2008 09:41

THE first batch of affordable homes being built as part of Craigmillar's 15-year regeneration programme go on sale this weekend.

And they are proving so popular all 30 appointments for the sales launch were snapped up within 20 minutes of phone lines opening yesterday.

Two-bedroom flats in the new ParcLife development start at 115,000, while buyers will be able to pick up a three-bedroom house for as little as 147,500.

Twelve hundred "priority clients" – or people who registered their interest at an early stage – were given the first chance to book a reservation appointment and buy one of the properties being built in The Square as part of phase one of the development.

The homes are expected to be particularly popular with first-time buyers struggling to get a foot on the property ladder, as the new apartments will be among the most affordable in the Capital.

The city has seen a significant drop in the number of people buying homes costing less than 125,000 over the past year, indicating the number of "affordable" properties are getting scarcer.

Investors are also expected to be keen to cash in on Craigmillar's redevelopment, which will see the creation of a new town centre and a new 30 million high school.

David Marshall, ESPC business analyst, said: "An area that's been earmarked by the council as part of long-term redevelopment is attractive to investors.

"The number of properties sold for under 125,000 went from 27 per cent to 14 per cent in the last year, so there will definitely be a lot of interest from first-time buyers in this development."

There are just over 60 properties being released in the first phase, with 12 being sold to a housing association for affordable rent and some being kept exclusively for Craigmillar residents.

After this weekend's launch for the "priority" customers, sales will be opened to the general public.

A sales and information centre will open at the site, off Niddrie Mains Road, in mid-March and a "fluid process" of selling the homes as each phase is launched will follow.

A ParcLife spokesman said: "It's very encouraging that we have had such interest in applications and we will wait and see how the sales go."

Parc, which is behind Craigmillar's overall regeneration plans, is a partnership between the council and its own arms-length property development firm EDI.

It plans to create a new town centre with shops, community and leisure facilities, a new primary school and a library.

The 30 million secondary school to replace and expand Craigmillar's Castlebrae Community High School also got the green light last month after months of uncertainty.