Firethorn Trust Makes First Acquisition in Living Sector

Real estate investor and developer, Firethorn Trust, has made its first acquisition under its Living platform with the purchase of a purpose built student accommodation (PBSA) site in Leith, Edinburgh.

Forming part of the Leith Walk regeneration scheme promoted by Calder Weir Properties, part of the site was purchased with planning permission to create a PBSA block and three commercial units.

Firethorn will develop the six-storey building to provide high quality accommodation for 230 student beds and generous amenities, including a fully-equipped gym, modern study spaces and student common rooms.

The design specification, which was enhanced by Firethorn’s innovative use of AI technology, will feature sustainable elements to meet BREEAM ‘Excellent’ and EPC ‘A’ ratings, including photovoltaic (PV) panels.

The wider Leith Walk development has planning permission for two five-storey residential units that will provide a mix of build-to-rent (BTR) and affordable housing. The owner has engaged Firethorn Living along with Calder Weir Properties to assist with the delivery of these residential units.

This is the first deal for Firethorn under its Living platform, which was launched in 2023 following the appointment of Marcus Weeks as Director and Head of Living.

Marcus, who has more than a decade of experience in acquiring and developing PBSA assets, commented: “Previously an underutilised brownfield site, the scheme is located in an area that continues to be the focus of major investment, driven by the recent opening of an adjacent tram line, which has significantly enhanced connectivity to the centre of Edinburgh.

“As our first acquisition for Firethorn Living, the scale and quality of this project represents our ambitious strategy to invest in prime university cities and help to address the growing supply and demand imbalance for modern student accommodation, whilst making a positive contribution to local regeneration.

“Firethorn is very well capitalised and our dedicated, in-house Living and development teams are actively seeking more deal opportunities in the sector to add to our growing pipeline. The PBSA and BTR markets offer strong potential for growth and we look forward to expanding our portfolio with future acquisitions in prime locations across the UK.”

Work on site is expected to commence in the summer and is due to complete for the 2026/27 year. For more information, visit www.firethorntrust.com