£170 million boost for Edinburgh’s Quartermile

Quaretermile development cash boost.Picture: comp

Quaretermile development cash boost.Picture: comp

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THE new owner of Edinburgh’s Quartermile project has pledged to invest £170 million into the urban regeneration scheme in a bid to finish work within the next four years.

Workers at the 19-acre site effectively downed tools following the property crash in 2008-09 but a revival in activity means property investor Moorfield, which bought the project from Lloyds-backed developer Gladedale Capital in September, is targeting a 2017 completion date.

Quartermile managing director Paul Curran said Moorfield has committed to spending £30 million to build 130 apartments across two blocks, while a further £140m investment witll complete additional office and hotel space.

He said: “We’re targeting to be complete by approximately 2017, but elements of that depend on the market.”