£3.4m sale revives Caltongate project

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CITY chiefs have agreed to sell land and property to the developers behind plans to revive the Caltongate project in the Old Town.

An international consortium headed by Isle of Man-based Artisan Real Estate Investors has agreed to buy the 640,000 square feet site, which has been mothballed since the collapse of developer Mountgrange in 2009.

The company said cranes could be on site within a year.

The city council has agreed that it will sell its assets, including nine flats in the Royal Mile, the former North Canongate Infant School in New Street – now known as the Canongate Venture building – the Market Street arches and garages, and a store and flat in Cranston Street, for £3.4 million after an independent valuation.