Set for at King’s Stables Road in the Grassmarket area, the development aims to create a landmark development that breathes new life into a neglected part of the city. It received a minded to grant consent at Development Management Committee, subject to the necessary legal conditions.

The proposals are being taken forward by a joint venture between Peveril Securities - the development arm of the Bowmer and Kirkland Group - and Campus Development Management.

The development will include a mix of residential units, a hotel, an arts facility; student accommodation and a variety of commercial units activating the ground floor of the development. The proposals also include improved public realm integrating the existing courtyard with new routes and courtyards throughout the development, including the enhancement to the setting of King’s Bridge.

The development includes:

King’s Stables Road has been identified by the council as one of 12 “priority” development sites seen as crucial to the Capital’s economic future. The current mix of buildings on the site - formerly council offices, storage premises and workshops - have lain vacant since 2009 and were put on the market in 2014 by the council, who deemed them surplus to requirements. The site has been taken under-option from City of Edinburgh Council.

A key driver for the development has been the potential for the commercial buildings that sit around King’s Stables Courtyard to function as a coherent arts-led hub. This then becomes a destination in its own right, keys into existing city arts festivals, directly benefits the neighbouring business community in Grassmarket, and compliments the council’s wider aspirations for a new cultural quarter for the area.

Charles Vyvyan from Campus Development Management said: “We are clearly delighted to have received the green light for our proposals.

“This is an exciting mixed use development which is proving very attractive to potential residents and occupiers alike, and will revitalise this neglected part of the city centre.

“This part of the Grassmarket is not viewed in a particularly attractive light and our exciting proposals will breathe much-needed life into this part of the Old Town providing residential flats, a hotel, student accommodation, and facilities to accommodate and promote the arts.”