Construction of the much-anticipated New Waverley development, at the heart of Edinburgh’s historic Old Town, has begun.Artisan Real Estate Investors, the developer behind the £150 million development, has confirmed that work on two Whitbread Premier Inn hotels, with a combined total of 257 rooms, is now underway with a completion date set for early 2016. Work on a further 146-apartment Adagio Aparthotel is also set to begin in the New Year, with the project currently out to tender.
Artisan has reconfirmed that the first-phase hotels will be retained as a long-term investment for the area. As part of this long-term commitment to investment in Scotland, Artisan has also announced the appointment of Charlotte Swanson in the newly created local post of Area Asset Manager, starting in November.
Welcoming the start of construction and the new appointment, Lukas Nakos, Artisan’s Managing Director, said: “This is a significant moment for one of the most exciting investment opportunities anywhere in Europe right now. We are now starting to create, in the very heart of Edinburgh, an exciting and vibrant mixed-use community which will set an international benchmark for sensitive and innovative development.
“Artisan is now bringing international capital investment of £150 million to the table, coupled with the vision and commitment needed to complete what has already been started. We have seen commitment from three major hotel brands, bringing in more than 400 rooms for central Edinburgh. And we are also receiving significant interest from the food, beverage and restaurant sectors – particularly around existing areas of the development such as The Arches – ahead of the office launch in the New Year.
“New Waverley will remain a long-term commitment for Artisan, and will be a platform from which to lever future investment opportunities across the UK and Europe.”
Commenting on Artisan’s new local appointment, Lukas Nakos added: “I am delighted to welcome Charlotte Swanson to our team in Scotland in the newly created post of Area Asset Manager. She brings with her a wealth of experience in retail and mixed-use development, and this appointment is further evidence of our commitment to long-term investment in Scotland.”
The start of construction on the New Waverley site was celebrated by the launch of Scotland’s largest street art project. Artisan has worked with a national network of street and graffiti artists to create a huge collage spanning half a kilometre covering the majority of the development’s external facings. This includes the row of arches and hoardings along East Market Street, a 200 metre hoardings strip along New Street, and scaffolding on the Royal Mile.
Artisan’s vision for the seven-acre New Waverley site is to create a revitalised city centre district for Edinburgh, linking the capital’s New Street/East Market Street area and Waverley Station with the Royal Mile. The area will be transformed into a vibrant pedestrian-friendly urban centre mixing open public spaces with retailers, restaurants, hotels and leisure offerings, as well as new homes and offices.
Centred around a new £6.5 million civic square, the development will create around 16,500 sq. metres of high quality grade A office space, together with provision for 400 hotel bedrooms and 28 new retail businesses, using smaller commercial properties at street level. There are also plans for a new community facility, together with 145 residential units and 40 affordable homes.
Latest research shows that the completed development will generate an approximate annual turnover for the area of £84 million, contributing some £43 million of Gross Value Added (GVA) to the local economy each year.*
The contractor for the first two Whitbread hotels will be McAleer & Rushe, who specialise in mixed-use construction.
