Developers submit £50m plans for flats and hotel on Leith Walk
The site's been earmarked for development by the council
A property firm's submitted plans for a major new development in Edinburgh.
Drum Property Group wants to build a £50 million complex onthe 2.9-acre Stead’s Place site, near the foot of Leith Walk.
It would be made up of housing, student accommodation, a hotel, restaurant, café and retail units.
The site has been earmarked for development by the City of Edinburgh Council since 2008.
It follows a consultation by the company with public exhibitions for local residents and businesses.
Graeme Bone, Group Managing Director of Drum, said: “We have listened to the often passionate views of the local traders and community and we understand the importance of maintaining a distinctive and independent feel for this important stretch of Leith Walk - whilst bringing a bold, modern development for a confident and diverse Leith.
“The existing buildings at Stead’s Place are no longer an economically viable investment and we propose to invest £50 million in a new mixed-use development when all of the existing tenants move out and the site is completely vacant in 2019.
“Our proposals will bring an added dimension to Leith Walk, opening up what is currently an inhospitable industrial site by creating a vibrant, contemporary and accessible community for residents and visitors alike.”