Located in the heart of Edinburgh’s historic old town, the site, which has an estimated gross development value of c£35 million, includes provision for 66 new homes for private sale in a mix of 1, 2 and 3-bedroom apartments, mews houses and maisonettes, along with 11,000sq ft of associated first-class retail and commercial space.

All the residential properties will be designed exclusively for the development, with 59 underground car parking spaces for residents also planned.

It is expected construction will start in quarter one of 2019 with the first residential properties ready for moving into by the summer of 2020.

Steven Simpson, director of Queensberry Properties, said: “This is a hugely significant deal for us. We have recently delivered some of Edinburgh’s most successful prime residential developments, but our acquisition of what will be the first residential element to be developed within New Waverley takes us to an exciting, new level. New Waverley is widely recognised as one of the UK’s most important city centre regeneration projects, so naturally, everyone at Queensberry Properties is immensely proud to be part of this flagship venture.”

Nick Waugh, commercial property director for Queensberry Properties, said: “New Waverley presents an extremely rare opportunity for new and existing businesses to secure superior and highly flexible ground floor retail premises in the heart of Scotland’s capital. The business potential is huge, with over 3000 employees expected to take up residence in the neighbouring new UK Government hub by 2020. I would therefore advise interested parties to contact agents, Eric Young & Co without delay, to discuss the opportunities available.”

Clive Wilding, property director of Artisan, added: “We are delighted to have Queensberry Properties as our selected residential developer. They have an excellent track record of delivering high quality homes in Edinburgh, so will very much complement the delivery of this highly significant £200m mixed use project which includes new offices for HM Government, due to be handed over in June 2019. This, coupled with some superb retail and food outlets around the main square, including renowned local businesses Loudens and Bruce Taverns, will firmly place New Waverley on the map.”