ONE of Edinburgh’s most significant new housing projects is set to inject almost quarter of a billion pounds into the local economy.
Two developers, CALA Homes (East) and David Wilson Homes East Scotland will build 655 new homes, including a range of detached and terraced homes as well as colony homes and apartments at the brand new Cammo Meadows development in north west Edinburgh, near both Barnton and Cramond.
Of that total, 164 homes will become a mix of discounted sale, social rent and mid-market-rent properties, helping ease the capital’s growing demands for affordable housing.
Experts from renowned economic consultancy, Lichfields, have outlined the likely extent of the economic boost to the surrounding area created by the homebuilders’ development.
According to the report, each year of the six year build process will create 90 direct full-time construction jobs, as well as a further 85 throughout the supply chain.
The consortium’s work will deliver a £218m cash injection to the local economy through the £106m construction value and £112m worth of economic output.
There will also be £10.3m as part of S75 developer contributions to improve schools, leisure facilities and infrastructure while creating much-needed new homes. In addition, the local authority is estimated to receive an extra £1.6m per year through additional council tax revenues.
Philip Hogg, Sales and Marketing Director at CALA Homes (East), said: “We’re committed to building a new community in the capital as the need for housing increases.
“At CALA we strive to deliver homes which residents can be proud of – homes which complement and enhance the existing community as well as the development itself and this is what we are excited to deliver with Cammo Meadows.
“It is crucial that the wider benefit of us delivering this development is felt. We appreciate that our, neighbours must live next to a building site and are grateful of their patience and understanding.
Respected independent consultancy, Lichfields, examined the consortium’s proposal in detail and assessed the ripple effect they would deliver in terms of employment opportunities and an increase in money spent at local businesses.
The detailed report suggests the economic windfall for the surrounding community would be delivered in three distinct areas – construction benefits, local community benefits and local authority revenue benefits.
Anne Ross, Sales Director of David Wilson Homes East Scotland, said: “This is a real opportunity for the city on many fronts. Our collaboration will not only bring homes, but also jobs and much needed investment in schools and leisure facilities. Our vision is to add to the very fabric that will make this a prosperous community for people now and for countless generations to come.”
Operational benefits from the work include an estimated £3.6m spent by buyers making their house ‘feel like a home’ by adding their own touches with another £11.2m likely to be spent in local shops.
The report also states that in the longer term, 145 full-time jobs will be created in the local area as a result of increased expenditure from those moving to the new homes.
The development will consist of a wide mix of 1, 2 and 3 bedroom apartments, terraced homes, colonies as well as detached family homes which will be available from later this year.