A total of 89 new apartments, consisting on one, two and three-bedrooms will be made available at mid-market rental rates at the development.
In 2011, Miller Homes, the City of Edinburgh Council and Scottish Futures Trust (SFT) created a limited liability partnership (LLP) as part of the National Housing Trust’s initiative (NHT). This aimed to fast-track the delivery of new homes for mid-market rental throughout Scotland.
Under the NHT initiative’s rules, homes must be available to rent for a five year period, following which, tenants will have the choice to purchase their house at the market value or move on. Should tenants select not to buy, Miller Homes will sell the property on the open market.
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Housing Minister Margaret Burgess welcomed the first tenants into their homes and said: "It is fantastic to see house developers like Miller Homes embrace the opportunities offered by the Scottish Government’s pioneering National Housing Trust initiative.
"These new homes at Varcity North will go some way towards providing much needed affordable rented accommodation for Edinburgh residents.
"The initiative has been hugely successful, with deals secured with 13 developers to deliver over 1000 high quality homes for families throughout Scotland at very little cost to the taxpayer. A vibrant, expanding housing sector stimulates growth and protects and creates jobs in the construction sector and wider economy."
Miller Homes purchased the Varcity North site as part of a larger transaction from Telford College, which comprised three campuses (Telford South, Telford West and Telford North).
The development of Telford West campus for Home Scotland Housing Association consisted of 40 affordable properties and was completed on time and on budget in 2010.
Telford South, now known as Varcity South, has become one of the city’s, and Miller Homes’ flagship development and the last campus, now known as Varcity North, comprises 327 apartments within five new build blocks and a possible converted building.
The apartments under the NHT initiative are within the Dundas Campus and the Dean Campus.
(JP)
