The structured finance team at property group Rettie & Co has announced the final handover of homes at its Harbour Point development in Leith on behalf of Forth Ports, with the 96 mid-rent properties having already received more than 3,400 applications.
Harbour Point is the first building delivered via alternative funding structures in partnership with the National Housing Trust on the Western Harbour regeneration masterplan, and marks the second tie-up between Rettie & Co and The Cruden Group after 145-unit Sailmaker Place, which was also built by Hart Builders and was developed for Hillcrest Housing Association.
The latest project was led by Rettie & Co director Nick Watson, with Stuart Montgomery from the group’s asset-management team who will manage the portfolio on behalf of Forth Ports.
Watson said: “The success of Harbour Point is a clear illustration of the overwhelming need for more imaginative ways to deliver rental housing.
"For our structured finance and development advisory business at Rettie, Harbour Point is another milestone that reflects our growing reputation for not only delivering on big-ticket projects but also showing our ability to put together complex deals that offer our clients and institutional investors targeted, long-term yields.”
Stuart Paterson, chief financial officer at Forth Ports, said: "The exceptional demand for the homes that have been built underpins the viability of this type of collaborative development, which is delivering precisely the long-term yields our institutional investors are looking to achieve, as well as developing the available site at Western Harbour to the benefit of the local community.”
The structured finance team at Rettie & Co is part of the firm's development services division, which covers research, consultancy and new homes. According to the firm, the division totals 20 staff, is experiencing a record year of activity and is set for further growth in 2017.
The company added that in the new homes unit headed by Nick Watson, sales have exceeded £82 million in the last year, 19 new home developments are currently under way and 292 more mid-rent properties are under construction.