Savills has been appointed by Cruden Homes on the sale of an exclusive residential concept for Edinburgh. The Avenue, Barnton is a development of 48 award-winning, age-exclusive apartments, penthouses and executive semi-detached villas. They have been designed for a vibrant community of active downsizers, to meet a growing gap within the capital’s housing market.
Barnton has long been a popular prime location for downsizers, but it is the special on-site facilities at The Avenue which will hold additional appeal for this target market – like the club lounge, concierge facilities, guest suite, communal electrical vehicle charging points, bike storage and attractive outdoor areas with planters and tool shed for keen gardeners. Aside from offering comfortable, stylish and sustainable homes, the development offers peace of mind for travel enthusiasts who want to ‘lock and leave’.
According to Savills, the over 55s are an expanding sector which now accounts for 75% of all housing equity in the UK. Savills Research reveals downsizers tend to spend around 30% of proceeds from selling the family home, for example on helping children on to the housing ladder, whilst around 70% is typically invested in buying a new home to meet their own current and future needs. However, the downsizers’ wish list appears to be changing.
Commenting on the research, Faisal Choudhry, Head of Savills Residential Research in Scotland, said in Scotland: “There is undoubtedly a new style of downsizer at large who is not only equity-rich but also energetic, active, sociable and outward-looking.
“The new downsizers’ wish list is actually similar to that of young professionals who have relatively high disposable income and no dependent children: as well as stylish interiors, they are looking for proximity to shops bars, restaurants, theatres and galleries and to be within easy access of international airports. This age group place more focus on security, allowing them to lock up and leave, safe in the knowledge that their property is wind and watertight and secure. Climate change and energy use is also a factor in more buying decisions and our research reveals the costs of lighting, heating and hot water within a new build in Scotland is around 25% less than traditional properties.”
The Barnton and Cramond postcode has long been sought after by downsizers and it tends to be evergreen in terms of value growth. Research from Savills, using Registers of Scotland data, shows the average residential transaction price in the 12 months to April 2023 here was sitting 132% percent above the Scottish average and 60% above the Edinburgh City average. Choudhry: commented: “Demand here is fuelled by a wide range of local amenities, proximity to the centre of Scotland’s capital and to Edinburgh International Airport.”
Savills sales manager Holly Malek said: “We are very excited to work with Cruden Homes as we bring The Avenue to the market. We are already seeing extremely strong demand for this very special offering, ahead of the sales launch.”
Hazel Davies, Sales and Marketing Director of Cruden Homes added: “We’re thrilled to appoint Savills on this exceptional age-exclusive development. There is great synergy between our brands and this project builds upon our successful relationship. We urge potential buyers to register their interest as soon as possible as we have already seen unprecedented demand for The Avenue.”
The first phase of completion is expected in early 2024. Prices are expected to start at £360,000 for a one bedroom apartment. View property listings here.
FOR FURTHER DETAILS AND IMAGES, PLEASE CONTACT:
BETH HOCKING, PR DIRECTOR, SAVILLS (SCOTLAND),
Phone: 07967 555779
Email: bhocking@savills.com
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