Property developer Queensberry Properties has acquired the first residential site in the £200 million New Waverley project in Edinburgh’s Old Town.
Queensberry, a partnership between Cruden Homes (East) and Buccleuch Property, bought the site, which has an estimated gross development value of about £35m, from Artisan Real Estate Investors.
It includes provision for 66 new homes for private sale, with 59 underground car parking spaces for residents and 11,000 square feet of retail and commercial space. All residential properties will be designed exclusively for the development.
Construction is expected to start early next year, with the first residential properties ready by the summer of 2020.
Nick Waugh, commercial property director for Queensberry Properties, said: “The business potential is huge, with over 3,000 employees expected to take up residence in the neighbouring new UK government hub by 2020.”