Located near the foot of Leith Walk, Stead’s Place is a collection of 110 one-, two-, and three-bed apartments, which are scheduled to reach practical completion by the first quarter of 2025.

The five-year property development loan marks the fourth collaboration between STB and Edmond de Rothschild REIM following the previous success of Minerva Square in Glasgow, Lace Market Quarter in Nottingham, and Wellington Quarter in Leicester.

The 2.9-acre site had been earmarked by the City of Edinburgh Council for redevelopment as early as 2008. STB and Edmund de Rothschild REIM’s involvement means much-needed property development and investment has been brought to this important part of Scotland’s capital.

Stead’s Place is formerly an industrial and office-use estate, with a two-storey, red sandstone, mixed-use building adjacent to the industrial buildings, facing Edinburgh’s famous Leith Walk. The redevelopment, which is being undertaken by Drum Property Group, will see the red sandstone building retained and refurbished to welcome new commercial tenants and retailers to the site. Meanwhile, the industrial estate will make way for two five-storey apartment blocks, with a landscaped courtyard and entrance area and links to the neighbouring Pilrig Park.

James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “STB has proven to be a fantastic lending partner for us, and key to helping deliver our build-to-rent development programme. STB’s solution driven approach has been refreshing, and the success of Stead’s Place and our previous collaborations are testament to that.”

In the UK, Edmond de Rothschild REIM invests in the private rented sector (PRS), with a focus on need and affordability. The business regenerates brownfield urban sites with new-build housing, building in compliance with the latest UK sustainable building regulations and standards.

With STB providing finance for property development on a number of its schemes, Edmond de Rothschild REIM has created a diversified portfolio of purpose-built PRS assets, aiming to deliver sustainable, stable, and growing income distributions over the long term. Alongside its PRS portfolio, the real estate investment management specialist has grown its presence in the regulated housing market, with investments made in the social and affordable housing sectors.

Matthew-Blaine Young, head of origination at Secure Trust Bank, said: “We are pleased to once again work with Edmond de Rothschild REIM and support the redevelopment of Stead’s Place. As specialists in residential development finance, we knew we could go above and beyond what other banks are able to offer, and we are thrilled to see this project come together and watch the local community thrive through the new development.”