Success for Aberdeen: Dandara and LaSalle’s “Deal of the Year” - Forbes Place
Property development company, Dandara, has been at the forefront of the commercial and residential property market for nearly three decades. They now stand as one of the top independent property developers in the UK, with their reputation of providing high quality, modern accommodation at a reasonable cost:
Dandara was established in 1988 from the desire to provide innovative homes and commercial properties, which would offer real value for money without compromising on design, durability or quality.
In 2016, Dandara made national history when they opened the doors to Scotland’s first “Built-To-Rent" (BTR) development. Located in Aberdeen, Forbes Place aims to provide luxury living made easy with fully furnished accommodation available exclusively for rent. With 292 apartments and 16 three-storey townhouses, the development was designed to meet a demand for high-quality, purpose-built rental accommodation in the city. Flexible contracts and a great city location (only a 10-minute drive away from Aberdeen International Airport) makes Forbes Place the perfect solution for on-the-move professionals looking for a high-standard, modern alternative to local hotels. With further plans for a Marks and Spencer Simply Food store to open in the area, tenants can have everything they need on-site and at their own convenience.
The development was purchased by global property leader, LaSalle Investment Management, prior to its construction in 2015. Operating in 17 countries with 24 offices worldwide, LaSalle is an independent subsidiary of one of the world’s largest real estate companies, Jones Land LaSalle. With a highly skilled team and an impressive track record for investment projects, LaSalle was actively looking for new opportunities in Scotland. The Private Rented Sector (PRS) is the fastest growing property sector in the UK and therefore, BTR projects such as Forbes Place prove to be the perfect step forward for innovative, future-driven investors. Discussing their decision to partner with Dandara, Andrew Stanford, UK residential fund manager for LaSalle, stated:
Our growth in the residential sector comes off the back of increasing demand for high quality rented housing coupled with attractive long-term real returns, which creates a compelling case for investment
The development is managed by Dandara Living from their on-site office on behalf of LaSalle, providing a comprehensive lettings and property management service.
Now in its third year of running, Forbes Place is a great success for the Scottish property industry, scooping up numerous prestigious awards since opening. In 2017, Dandara and LaSalle were named as the winners for “Deal of the Year” at the Scottish Property Awards, commended for their sale of Forbes Place to a major UK pension fund client of LaSalle.
(Mandy Anderson, pictured, is Dandara Living's letting manager and attended the International Property Awards)
Winning the highest accolades possible at the International Property Awards 2017-2018, they also received 5-star recognition for:
- Best Residential High-rise Development, UK
- Best Apartment, North East Scotland
- Best Development Marketing, Scotland
Overall, this pioneering project has led the way for investment in Scotland’s fledgling private rental sector. It is a great example of the growing demand for stylish and innovative accommdation which also provides flexibilty and security. With the ongoing success of Forbes Place, it is clear that the time for property investment is now and BTR looks to be a promising way forward.