Almost 80 new flats set for Leith as work pushes on at £12m development
A multi-million-pound development offering dozens of new homes in Leith hopes to welcome its first residents next October after delays due to coronavirus.
Scottish housebuilder MNM Developments has started construction on The Tayworks, a £12 million development located on West Bowling Green Street in the Leith area of the capital.
The scheme consists of 77 one, two, and three-bedroom flats, with 14 of these already reserved. Housing association Places for People has also acquired 14 of the properties to market as affordable housing.
Despite the pandemic halting construction for four months, the firm has managed to adapt its original build plan and the completion date is now only five weeks away from the original. It anticipates welcoming its first homeowners from October 2021.
The family-run housebuilder is headed up by sibling trio Marc, Nathan, and Michaela Teague. The firm recently completed The Market development in Bonnyrigg and has sites underway at Willowbrae Road in Edinburgh and Castlemains in Dirleton.
Over the past five years it has built more than 100 properties across Edinburgh and the Lothians.
Bank of Scotland provided the business with a £5.8m development loan, supporting the firm in the build of the Leith site.
Marc Teague, managing director at MNM Developments, said: “We were just breaking ground at The Tayworks site when Covid-19 hit. Despite the pause in operations, construction is now back underway, and the response so far has been brilliant.
“Leith is an increasingly popular area to live and work, and there’s been a great deal of redevelopment in this area in the last decade. It was also named one of the coolest places to live recently by Time Out so we’re confident these properties will sell quickly.”
Douglas Spowart, relationship director at Bank of Scotland, added: “The past eight months have been extremely difficult, including for firms in the construction sector. So it’s heartening to see some firms turning these challenges into new opportunities.
“Property prices in Leith are up 5 per cent on last year such is the demand to relocate to this vibrant area of Edinburgh. This is why it’s encouraging to see firms like MNM Developments capitalise on these positive market trends in order to grow, despite this year’s challenges.”
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