Drum Completes Construction at Stead’s Place
Drum Property Group has completed the construction of 110 new build-to-rent apartments at Stead’s Place, marking a major milestone in the transformation of one of Leith Walk’s most prominent sites.
Delivered on behalf of Edmond de Rothschild Real Estate Investment Management, the development is part of Drum’s wider regeneration of the 2.9-acre site, which had been earmarked for redevelopment by the City of Edinburgh Council since 2008.
After extensive community engagement and consultation, planning permission was granted in 2021, paving the way for significant new investment into a previously neglected part of the city. The site had consisted of a largely derelict industrial estate and office space, alongside the historic two-storey red sandstone building that fronts Leith Walk.
Following its sensitive refurbishment, The Red Sandstone parade is now fully let to a vibrant mix of artisan and national retailers, restaurants, and one of Edinburgh’s most popular live music venues, whilst the office spaces upstairs is home to a variety of diverse small businesses.
The new residential element includes a mix of one, two and three-bedroom apartments set within landscaped grounds – opening up and restoring the pedestrian link between Leith Walk and Pilrig Park.
Graeme Bone, Group Managing Director of Drum, said:
“The completion of the new apartments marks the final phase of Drum’s regeneration of Stead’s Place. Together with the thriving Red Sandstone building, these new homes breathe life back into a long-overlooked site – supporting local businesses, strengthening the community and delivering high-quality housing where it’s needed most.
“Drum has now successfully delivered nearly 1,000 build-to-rent apartments across Central Scotland over the past three years, reflecting the company’s continued commitment to high-quality residential development for institutional investors.”
The conclusion of Drum’s involvement in the Stead’s Place project represents the culmination of extensive research, planning and community engagement since acquiring the site in 2017.
An additional 38 affordable homes will be developed on site by Hillcrest Homes, a registered social landlord.
