The two companies have been working together on their shared vision for New Town Quarter, previously known as New Town North, since late last year and have carried out one of the largest consultations ever on a city centre development.

The proposals for the 5.9-acre former Royal Bank of Scotland site have been subject to major public engagement with the local community and stakeholders - including three public exhibitions, a significant number of bespoke meetings with community groups and representatives, and an analysis of hundreds of comments and submissions.

A study by UK planning and engineering consultancy The Waterman Group has suggested that the operational phase of the development would create more than 700 full-time jobs whilst generating an annual GVA (Gross Added Value) economic uplift of £34.4 million to the local and regional economy. The construction phase alone would create a further £27.7 million GVA at a regional level, creating a further 60 full time jobs.

Ross McNulty, development director at Ediston, said: “We firmly believe that now is the right time to move forward with our proposals and deliver further significant investment in the heart of the nation’s capital. We have worked hard with key stakeholders and the local community to deliver proposals that are consistent with planning policies and our aspirations to create a new high-quality addition to the local area and the city.”

He added: “Our proposals for New Town Quarter will help speed economic recovery in Edinburgh. Research highlights the significant investment benefits that this high-quality development would bring to the Edinburgh economy, as well as helping to meet the pressing need for high quality new homes and office space.

“I would like to thank all of the organisations and residents who gave their time and feedback to the consultation process. It has made a huge contribution to refining and improving the proposals. This is a large and complex site, and we wanted to take the time to get it right.”