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News Release

Edinburgh

For Sale: Unique Residential Development Site in the Home of Golf


Edinburgh, Monday 26th March 2012 – A residential development opportunity in the heart of St Andrews, ‘The Home of Golf’, is about to go on sale, making it the largest such site to be marketed within this historic University Town for the last five years.

Marketed by joint agents Jones Lang LaSalle and Applecrest Real Estate on behalf of Robertson Homes, the prestigious site on Abbey Walk consists of 2.82 acres with detailed planning consent for 13 four bedroom luxury townhouses and 34, two and three bed luxury apartments. Once complete, the development will contain in excess of 70,000 sq ft of floorspace.

Over the last nine years, Robertson has invested and assembled various sites within Abbey Walk to create a master plan for the wider site, which also contains hotel and office opportunities. It is expected that a potential buyer would capitalise on the town’s affiliation with golf to market the luxury homes towards St Andrews booming golf tourism market. 

Over the past ten years, house prices in St Andrews have risen by 78%, significantly more than both the average house price growth of 64% in other traditional university towns, and also more than the 70% average growth witnessed in 'new' university towns (those established since 1960). (Source, Lloyds TSB, 2011)

The site is centrally located to the south of Abbey Walk (A917), in close proximity to South Street, Market Street and North Street which contain the majority of St Andrews’ retail and leisure facilities. The site is within easy access of both the famous Old Course, which is the most frequent venue for The Open Championship, and the rest of St Andrews’ eleven Golf courses, eight of which are regarded as ‘championship class’.

John Murphy, Managing Director, Robertson Homes said: "Located in a prime position within the broader St Leonard's site, this land offers developers and investors a very rare opportunity for residential development within the heart of St Andrews. With full planning consent for more than 40 new homes, and a housing market that's delivering above average house price growth, the site is an attractive prospect for both investors and developers looking for strong asset growth." 

Jason Hogg, head of Development Land, Jones Lang LaSalle in Scotland added: “Residential development land opportunities in the heart of St Andrews of this quality are very few and far between. This is a fantastic opportunity to purchase a site in the centre of the town that, once developed, will appeal to a wide range of potential buyers including local owner occupiers through to international investors and the ever increasing demand for golfing homes amongst the world’s high net worth golf enthusiasts. We have already received a number of notes of interest from developers and investors and will use our international connections to ensure it is marketed worldwide.”

“Based on recent sales we have undertaken for clients we are seeing an increased demand for development opportunities in prime locations such as Edinburgh, Aberdeen and St Andrews therefore, we expect significant interest in this opportunity from Scottish, UK and international developers and investors”

Elliot Robertson, CEO, Applecrest Real Estate concluded: “Like other University towns, St Andrews has defied the trend for house prices in recent years, experiencing significant growth. This site presents a superb opportunity to benefit from that continued asset growth alongside the additional growth associated with residential developments in close proximity to world class golf courses.”