Ediston Homes is headed-up by Managing Director Peter Brogan, recruited from Muir Homes where he was also MD. Peter will be responsible for delivering a set of ambitious targets. The company’s board includes Chairman Harry O’Donnell who was previously Managing Director of Miller Homes, as well as Andy McKinlay Development Director at Ediston Real Estate and Bob Millar formerly of Scottish Homes.
Danny O’Neill, founder and Chief Executive of Ediston Group who will not join the Board said: “I will remain focussed on growing our REIT which we launched in 2014 and Ediston Homes will operate with the expertise of others in the Ediston group. The Homes team has an opportunity to create a great business in a housing sector which is in need of additional well-funded developers and more importantly much needed delivery of new homes.”
Andy McKinlay, director of Ediston said: “we have looked at investing in the housing sector for a number of years but felt the model was wrong for a business like ours. However the industry has changed and I am confident the time is right for us to invest and develop directly.”
Its first residential development will be at the old Fruitmarket site in Edinburgh and will comprise 34 semi-detached and terraced houses for private sale as well as 80 flats available for rent under Edinburgh City Council’s NHT initiative. The housing for sale will be marketed during next year, with the rented units becoming available from November 2016.
In a separate announcement Ediston has also developed a rental model which will focus on the delivery of social housing for rent, and with Ediston Real Estate’s experience in institutional investment it is aiming to invest around £100m into the social housing and mid-market rental sectors over the next four years. Ediston’s institutional fund management experience has helped the Homes business to raise the equity and it is now looking for a home in which to deploy the capital.