Student flats get the nod in Old Town

A NEW development of student housing on the Cowgate has been given the green light by city planners.

Elm Lodge Estates – a vehicle owned by JLP Development Consultancy – has won consent for 59 bedrooms within 24 flats at Wellgate House.

There will also be a commercial unit at the ground floor and basement levels, as well as an on-site launderette, cycle storage area and managed reception.

Jim Pike, who runs Midlothian-based JLP, said: "We are delighted to have secured the necessary consents to proceed with this prime student development, which will be completed for the summer of 2011.

"We are now concluding the debt and equity arrangements to progress the development, and have been pleasantly surprised by the level of bank and investor interest in our student accommodation model, which has left us oversubscribed for this asset."