GVA has secured a £20m equity investment on behalf of Edinburgh-based property developers Whiteburn, for the launch of the company’s VOX build-to-rent platform.
Whiteburn has recently submitted a planning application to develop its first VOX development of one- and two-bedroom build-to-rent flats on the site of the former Dundee College campus, which has been derelict since 2011.
As well as the BTR flats, VOX Dundee will include 24 short-stay apartments for holiday or business use, together with a café, laundrette, cinema and entertainment space, gym, residents’ lounge, private dining and co-working space.
Dundee has a significant private rental market, accounting for more than 21% of households, against an average of 12% in Scottish cities. However, the majority of this is buy-to-let stock, fragmented between small landlords and managed by a plethora of letting agents.
Alastair Carmichael at GVA said: “We look forward to seeing VOX Dundee developed and further VOX properties being secured through this equity investment.”
Whiteburn’s Eve McCurrich added: “Dundee is ideally placed for the creation of our first VOX. The support from the Scottish government in recognising that build to rent can offer a professionally managed solution to delivering homes in our cities has been key to our bringing inward investment into Scotland.”
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