Previously valued as a £215 million development, Moda’s Springside scheme will offer 476 build-to-rent properties in the capital’s Fountainbridge area.
Construction is due to start this month, with Scottish group Robertson delivering the first phase of the scheme.
Planning permission for the second phase of Springside was granted in December and these works are set to continue after phase one completion.
Springfield is designed to include “next generation” resident amenities and 25,000 square foot of retail and leisure space.
The site marks Moda’s first project in Scotland. The group, and its funding partner London-based Apache Capital Partners, has one of the most ambitious build-to-rent development pipelines in the UK with five sites underway and more expected to start this year. The partnership is on target to be opening 125 homes a month by the end of 2021.
Moda MD Tony Brooks said: “Build-to-rent is changing the way people live in the UK and at Moda we strongly believe that service must no longer be seen as a premium but instead the uncompromising core of the offer.
“We were an early mover into Scottish build-to-rent and able to secure a prime site in Edinburgh off-market from one of the biggest names in property thanks to the strength of our delivery team and unrivalled nature of our consumer offer, which puts customer wellbeing at its core.
“Robertson is one of Scotland’s leading contractors with a proven track record of delivery across multiple sectors and have a strong relationship with the local supply chain and we’re looking forward to working with them to bring Springside to completion.”
Liam Hanlon, managing director of major projects at Robertson, added: “We have been working with Moda Living and funding partner Apache Capital for the last 18 months to bring this project to fruition and we’re are looking forward to commencing on site.”