Edinburgh’s £150 million New Waverley development, currently transforming the heart of the city’s Old Town, has reached another major milestone with the ‘topping out’ of the Adagio Aparthotel on the Royal Mile.

Construction of the 146-apartment aparthotel, incorporating a retained façade of the C-listed Sailor’s Ark building, has now reached its highest point, with the hotel due to open its doors by the end of 2016.

The celebration marks a significant turning point for the 7.5 acre New Waverley site, linking Waverley Station to the Royal Mile. Developer Artisan Real Estate Investors has also unveiled detailed plans for the Phase Two construction phase, creating around 220 residential units and approximately 100,000 sq ft. of Grade A office space, together with new retail and restaurant provision.

Artisan marked the occasion by officially launching the Waverley Arches, a row of 15 renovated Victorian arches which have created a brand new retail and leisure district for the city and are now occupied by an eclectic mix of independent traders, cafes and restaurants.

Welcoming this next stage of the area’s transformation, Clive Wilding, Artisan’s project director, said: “We are now witnessing New Waverley’s true scope and potential being delivered before us. At the start of the year we opened two Premier Inn hotels, and together with the huge interest in the Waverley Arches, we are seeing life, excitement and vibrancy returning to what had become a neglected part of the city.

“The Adagio aparthotel will continue this exciting momentum over the next 12 months, creating the perfect platform on which to launch the next commercial construction phase. This will see high quality office provision, new homes and more hospitality and retailers complete this unique integrated development, sitting at the heart of one of the most historic and environmentally sensitive areas to be found anywhere in the world.

“Artisan is delivering on its promises and bringing life back into Edinburgh’s Old Town and the city centre – creating a new destination to work, live and play. This is an exciting time to be part of New Waverley.”

The Adagio Aparthotel will face directly onto the Royal Mile, linked to a new £2m public square which will form a centrepiece for the new development. The two Whitbread Premier Inn and hub by Premier Inn hotels opened in January 2016 providing a total of 248 bedrooms plus two retail units.

Vangelis Porikis, Aparthotels Adagio director, added: “The opening of Adagio Edinburgh Royal Mile is an important milestone in the global development of Adagio. Adagio is implementing a new generation concept for business travellers and ‘city breakers’ that is smart, economical and immersed in the city.

“We are working hard with Artisan to ensure our new aparthotel is itself connected in the history and culture of the city and gives our guests a base from which to enjoy this fantastic city and surrounding area. The Adagio Edinburgh will provide round-the-clock serviced accommodation, with staff on hand 24/7, combined with the flexibility and independence of 146 modern apartments.”