GVA announces that it has secured a £20 million equity investment on behalf of Edinburgh-based property developers Whiteburn, for the launch of the company’s VOX branded Build-to-Rent (BTR) platform. Whiteburn has recently submitted a planning application for the development of its first VOX development comprising 111 one to two bedroom BTR apartments, on the site of the former Dundee College campus, which has been derelict since 2011.
In addition to the BTR apartments, VOX Dundee will also provide 24 short stay apartments for holiday or business use, together with a café, laundrette, cinema/entertainment space, gym/studio, residents’ lounge, private dining and co-working space. Located in the heart of Dundee, a city currently undergoing exciting reinvention with £1bn of targeted investment, and close to two world class Universities, residents of VOX will benefit from close proximity to the city centre’s retail, dining and cultural offer, including the Dundee Contemporary Arts centre, the new V&A extension. With construction of a new station and hotel complex nearing completion, it has excellent transport links connecting to Edinburgh, Glasgow and the wider region.
Dundee has a significant private rental market, with more than 21% of households in the city falling into the sector, 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. Therefore, the level of professionalism, customer service and security, as well as the other lifestyle amenities, offered by VOX will be a welcome first for Dundee.
Alastair Carmichael at GVA said: “ Last year, Dundee was hailed by GQ as the “Coolest Little City in Britain” and more recently featured in the Wall Street Journal’s index of 10 most exciting places. This equity investment into the VOX platform is a strong endorsement of both the vitality of the city, as well as the viability of the Build-to-Rent sector there. With an increasing population, growing rental market and innovative local authority, Dundee’s fundamentals are well aligned with other successful BTR markets. 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 city is vibrant, proactive and is hugely forward-thinking. We are exploring further opportunities both in Scotland and across the UK.
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.
We believe that our cities can and should be fantastic places to live. Vox will deliver buildings for people to live without having to compromise on amenity and quality of service, which is so often lacking in the current rental stock”.