NEW proposals have been unveiled for a project described as one Edinburgh’s largest development schemes for more than a decade.
The New Town North development will transform the 5.9-acre former Royal Bank of Scotland site in Edinburgh’s New Town. The project is being delivered by Ediston on behalf of Orion Capital Managers, whose fund bought the site in May 2019.
Ediston is currently leading a public consultation programme for the site, prior to submitting a planning application to the City of Edinburgh Council.
Initial proposals reveal a mixed-use development replacing existing buildings with up to 100 new homes, 200 build-to-rent apartments, 100,000 sq. ft. of office space and a new hotel.
A report by The Waterman Group commissioned by Ediston showed that the operational phase of the development would create more than 700 full-time jobs whilst generating an annual GVA (Gross Added Value) economic uplift of £34.4 million to the regional economy. The construction phase alone would create a further £27.7 million GVA at a regional level, creating a further 60 full time jobs.
Ross McNulty, development director at Ediston said, “The consultation process is progressing well, and we are enjoying constructive and direct dialogue both with our immediate neighbours and the city of Edinburgh’s civic stakeholders. From our discussions with the local business community, we are aware of the impact that a large redundant site can have on the local area – and the huge potential of creating a new attractive destination and focal point for the area. Our research shows the significant investment benefits that a high-quality new development would bring to the Edinburgh economy, as well as helping to meet the pressing need for high quality new homes, offices and local amenities.
“We are aware that this is a complex and large site with important links to some of Edinburgh’s finest streets and green spaces, and we are making sure we take the right amount of time to consult properly with local people to deliver a market-leading development to benefit both the local community and the wider city.”