A £150m development has been unveiled by Artisan Real Estate Investors which will transform the former Caltongate area at the heart of Edinburgh's historic Old Town.
The development will create a brand new city centre district for Edinburgh called New Waverley which has close proximity to the Waverley Valley and the capital's main railway station.
New Waverley will create around 177,000 sq ft of high quality grade A office space, together with provision for 400 hotel bedrooms and 28 new retail businesses, using smaller commercial properties at street level. There are also plans for a new community facility, together with 148 residential units and 40 affordable homes.
Lukas Nakos, Artisan's Managing Director, said: "New Waverley marks the next exciting chapter in the evolution of Edinburgh's Old Town. Artisan is now delivering international capital investment of £150 million, coupled with the vision and commitment needed to complete one of the most challenging development projects anywhere in the UK.
"We are well aware of the complexities that surround development in such a sensitive area, which is why we spent almost two years on a comprehensive consultation process bringing together more than 200 local people, businesses, civic partners and heritage bodies.
"Following extensive community feedback, our plans for New Waverley now reflect a marked change in direction from previous planning consents, both in terms of improved development quality and in preserving the heritage of such a unique area."
The area will be transformed into a pedestrian-friendly urban centre mixing open public spaces with retailers, restaurants, hotels and leisure offerings, as well as new homes and offices. The first phase activity, delivering hotels and a new £6.5m public square, is expected to be complete by 2016.
A deal has already been struck with Adagio for a 146-suite Adagio Aparthotel at the heart of New Waverley, with frontages on the Royal Mile and the new public square.
The scheme's design will retain the area's unique Old Town setting and includes the retention of the Canongate Venture building and the façade of the Old Sailor's Ark. The Jeffrey Street arches will be opened up as small, individual 'artisan' units and historic views of Calton Hill from the Royal Mile will be preserved.
Work on the five-acre site is expected to start within the next three months.
