Shore Station will be the largest single-site scheme in what is one of the UK’s most supply-constrained cities.
LONDON (April 7, 2025) – Leading living-led developer HUB and sustainable investment specialist Bridges Fund Management have joined forces with HGP, the Lloyds-backed equity investor in the UK Living sector, to deliver Shore Station, a student-living scheme in Leith, Edinburgh. The joint venture will bring forward and then facilitate the operations of the 604-bed project, with BGO, the lender, providing a circa £79m development loan.
With enabling works already complete, McAleer & Rushe has been appointed to begin the next stage of construction, with completion targeted ahead of 2027/28 academic year.
The project, designed by Edinburgh-based Michael Laird Architects, will transform a former gasworks and naval yard into the largest single-site student-living scheme in the Scottish capital, featuring 604 ensuite rooms alongside amenity spaces and landscaped gardens with 50 new trees.
By reusing and repurposing all three of the existing historic buildings on site, important heritage will be protected. It also saves 3,260 tonnes of carbon in the process, when compared to what would have been required to construct entirely new buildings. The project will be delivered to the highest sustainability standards, targeting a BREEAM ‘Excellent’ rating.
Shore Station will offer an elevated student-living concept and campus, centred around a landscaped central square and courtyard garden, and within walking distance of The Shore, the sought-after Leith neighbourhood. Design-led internal and external amenity spaces – a substantial 8.3 sqm per person – will be spread across the campus-style development to prioritise wellbeing and collaboration. Features will include study rooms and collaboration spaces, a lounge, relaxation room, courtyards, herb garden, cinema, gym, and abundant cycle storage spaces.
Alongside a network of bus links, Leith benefits from access to the city’s tram line, providing a 15-minute journey to Edinburgh’s West End, Old Town and city centre, alongside access to Edinburgh’s four universities and their respective campuses.
Damien Sharkey, Managing Director at HUB said:
“Edinburgh stands out as one of the top student cities globally and there is a significant demand for additional housing for its student population, especially of the high standard that this project promises. HGP’s expertise and strategic vision perfectly complement our track record of creating excellent sustainable living spaces in well-connected areas, so we are proud to be partners on this unique project that builds on the fascinating history of Edinburgh’s coolest quarter.”
Simon Ringer, Head of Bridges Property Funds, said:
“Across the UK, there's a significant under-supply of purpose-built student accommodation. In Edinburgh alone, there are more than three students for every available bed. As such, there is a pressing need for high-quality schemes like Shore Station. As with every Bridges and HUB development, we will be targeting the highest possible sustainability standards, while also supporting the wellbeing on residents through well-designed amenities and green spaces. We're excited to see Shore Station come to life over the next couple of years."
Colin Bennett, Investment Director at HGP, said:
“We are delighted to continue our support of the UK Living sector through our first joint venture with HUB and Bridges. The JV will deliver an iconic and sustainable scheme for Edinburgh’s student population, in what is a critically undersupplied market. We are excited to be working with our new partners. Their focus on heritage, sustainability and social impact aligns with HGP’s ethos, and we look forward to collaborating on such a prominent development.”
Jim Blakemore, Managing Partner and Global Head of Debt at BGO said:
“BGO are delighted to be the financing partner of such a high-calibre project and team. It aligns with our strategy of supporting best in class developments in prime locations that have a strong sustainability angle.”
BGO is a leading, global real estate investment management advisor, real estate lending advisor, and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2024). BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest, provide real estate lending solutions, and manage real estate assets on behalf of our clients.
BGO’s global lending platform is active in the UK, Europe, the U.S. and Canda. In the UK and Europe, BGO, on behalf of its clients, focuses on senior, whole loan and mezzanine lending solutions typically structured to enable borrowers to implement their business plans.
BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
HUB is a progressive developer creating living places, ensuring that communities can thrive, now and into the future. Established in 2012, HUB Living has over 8,800 homes completed or under development across the UK, with a focus on transformative and high-quality living schemes, from BTR-led regeneration to building adaptation and retrofit in city centres.
A pioneer of BTR in the UK, HUB is known for developing one of London’s first institutionally backed BTR schemes. It continues to deliver industry-leading developments, including the award-winning Queen’s Quarter in Croydon and the Yardhouse co-living scheme at Wood Lane, in partnership with Women’s Pioneer Housing. Most recently, the second phase of HUB’s Wembley Link scheme, with 256 BTR homes, completed in autumn 2024. Other major current projects include One Maidenhead, a major mixed-use scheme in Maidenhead town centre; Cornerstone, an office-to-co-living conversion neighbouring London’s Barbican estate; the BTR-led redevelopment of a disused 4.5 acre site adjacent to Bath city centre; and the creation of 951 BTR homes at its Latitude schemes to the west of Leeds city centre.
Proven by its decade-long track record of repeat partnerships with funders and operators, and positive post-occupancy surveys, HUB puts people at the centre of design and builds strong relationships with local communities and partners through collaboration, delivering high quality residential and mixed use schemes that create long-lasting positive impact.
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Bridges Fund Management invests in the transition to a more sustainable and inclusive economy. Its specialist property funds focus on growth locations and sectors that are well-placed to benefit from changing demographics and societal needs, driving value through physical and operational improvements. Bridges is also a market-leader in implementing sustainability features that reduce costs, improve valuations and future-proof property assets.
Housing Growth Partnership (HGP) is an equity investor in the UK Living sector. HGP was established in 2015 as a joint venture between Lloyds Banking Group and Homes England.
HGP has currently invested more than £472m of equity in a range of residential developments across the UK, working in partnership with property developers and other financial and real estate organisations to accelerate housing delivery.
HGP investments have committed to deliver over 12,300 new homes (with GDV in excess of £3.8bn) across Build to Rent, PBSA, open market, retirement living and regeneration schemes.
Equity funding is a nascent funding model, but regarded as increasingly fundamental to unlocking UK housing delivery. Against the most restrictive financing backdrop since 2008, equity funders like HGP are enabling property developers who would find it difficult to get on site to bring forward new schemes, thus playing an important role in the regeneration of communities across the UK.
Find out more here: www.housinggrowth.com