Demand high for Victorian arches
New Waverley ready to open up its hidden underbelly
A topping out ceremony took place today for the New Waverley development in Edinburgh’s old town as it was revealed that demand for the arches beneath Jeffrey Street have attracted overwhelming levels of interest.
It is understood that a number of restaurant and bar owners as well as artisan firms making craft products are eager to snap up the Victorian arches in Market Street which have been largely unused, save for storage, for 140 years.
They will be opened up as part of the wider New Waverley development that will transform this corner of the city. There will be two Whitbread Premier Inns (one pictured below) and an Adagio Aparthotel facing on to the Royal Mile.
The development includes 160,000 sq ft of Grade A office space, 28 retail units and 148 homes. The arches should open at the end of this year, while work on the second phase off New Street begins early next year.
Lukas Nakos, managing director of Artisan Real Estate Investors, the company behind the controversial development, said: “The topping out of the Whitbread hotels marks a significant achievement for New Waverley.
“Construction has been progressed on scheduel during a difficult winter period, with minimum disruption to one of the most sensitive city centre locations anywhere in the UK.
“The building stands as a proud cornerstone for our progress on site, which is moving forward on all fronts. We are now witnessing New Waverley’s true scope and potential being delivered before us.”
Critics have labelled the box-like scheme “commercial trash” and a “wasted opportunity” because the design is regarded as brutal and lacking in style alongside one of the most treasured medieval streets in the world.