Edinburgh Old Town project hits ‘milestone’

THE developer behind the controversial regeneration scheme in Edinburgh’s Old Town has hailed a “major milestone” in the £150 million project.

An artist's impression of how a section of the revamped Edinburgh Royal Mile would appear.

South Africa-based Artisan Real Estate Investors said work will begin this month to link the New Waverley development – previously known as Caltongate – to the historic Royal Mile.

Project director Clive Wilding said: “The breakthrough to the Royal Mile marks a significant stage in the evolution of New Waverley and its transformation of Edinburgh’s Old Town.”

Work is progressing on a 146-apartment Adagio Aparthotel, which will face onto the Royal Mile behind the facade of the listed Old Sailor’s Ark. When complete, the venue will overlook a £6.5m public square.

The company behind Caltongate collapsed in 2009, leaving it in the hands of administrator Deloitte until a deal was struck with Artisan in December 2011.

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