New phase of scheme to begin
Party marks opening of Arches scheme in Edinburgh
Clive Wilding: in talks about phase two (pic: Terry Murden)
A party to celebrate the official opening of The Arches in Edinburgh also marked the start of the next phase of the New Waverley development.
The listed Victorian storage warehouses in Market Street have been turned into a collection of new businesses as part of the redevelopment of the area.
Clive Wilding, project director for the development, told Daily Business that phase two is about to begin with keen interest in the new homes and 100,000 sq ft of offices that will be built on the site of the former bus depot behind Canongate.
“Phase one will be complete by Christmas. We are now talking to a number of people about phase two,” he said.
He said talks had been held with a number of developers, but declined to reveal details.
Among those attending the event were Jamie Coleman of Codebase, John Donnelly of Marketing Edinburgh, Gordon Henderson of FSB Scotland, Chris Dougray of property firm Dougray Smith, Keith Dobson of Savills and Billy Cowe of Apple Apartments.
They were among more than 400 guests sampling what is billed as a new retail and leisure destination for the city.
The C-listed brickwork arches were originally constructed in 1875 to create double-height openings beneath the city’s Jeffrey Street.
Artisan Real Estate Investors, the developer behind New Waverley, have brought the area back to life.
Eleven of the former storage units are now occupied with the remaining four set to be opened over the next few months.
Artisan used the launch celebration to mark the ‘Topping Out’ of the 148- apartment Adagio Aparthotel which overlooks the Royal Mile linking to a new £2 million public square at the heart of the development.
The Canongate Venture Building – a former Victorian infant school – is also being transformed by niche aparthotel operator Apple Apartments into a luxury 21-apartment boutique hotel opening in 2017.