McAleer & Rushe lands 338-home scheme for new developer

McAleer & Rushe has won a contract to build more than 300 homes on a new build-to-rent residential scheme in Leith, Edinburgh.

Goodstone Living has appointed the Northern Ireland-headquartered contractor to deliver four apartment blocks containing “at least 338 homes” on the project known as Dockside, it said in a statement.

The developer was founded by Australian financial services giant Macquarie Asset Management in 2021, and the project will be its first to be built.

A construction contract value has not yet been announced but last week Goodstone agreed £67m of debt financing with NatWest for the scheme.

In addition to the apartments, the waterfront scheme will also feature 0.52ha of new public realm space, including a publicly accessible boardwalk connecting the area’s Albert Docks with Ocean Terminal – a shopping and leisure hub close to the new development. It has been designed by 3DReid Architects.

Goodstone Living construction director Lee Hawkins said the project will address a severe shortage of high-quality rental housing in Edinburgh as well as delivering £2m-worth of social value through initiatives such as training opportunities for young people.

He added: “Construction starting at Dockside is also a milestone moment for Goodstone Living as it marks the start of delivery of our planned portfolio of rental communities across the UK.

“All of these schemes will have ESG [environmental, social and governance], technical excellence and operational management at their core to create both long-term value for our capital partners and next-generation rental communities for our residents.”

Construction is set to start on site imminently.

Goodstone currently has only one other named project listed on its website – a 500-home scheme in Digbeth, Birmingham, close to the Bullring shopping centre. It states that projects in London and Manchester are “coming soon”.

McAleer & Rushe contracts director Shane McCullagh said: “We will be delivering the project in a way that has long-lasting benefits for residents and local people and we look forward to getting on site.”

The contractor is the UK’s 42nd largest according to the 2022 CN100 ranking of contractors by turnover, generating revenue of £400.5m in its most recent financial year.

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