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GBP700m Waterfront Development Unveiled In Edinburgh

by Robert Lee, Tax-News.com, London

15 December 2008

Detailed plans for Edinburgh's substantial GBP700m waterfront development are set to be revealed over the coming days, it has been announced.

The much-anticipated proposals are set to give the Leith Docks a total renovation, moulding it into a major centre for waterfront activity that would include a new cruise liner terminal, several hotels and around 2,000 houses.

The transformation, which is set to cost around GBP700m, would also provide a new mooring for the Royal Yacht Britannia.

It is thought that work on the development will begin late next year, with much of the development's main construction taking place in 2010.

Announcing the news on December 11, the Forth Ports Group gave a brief overview of the changes that will take place over the coming years, including:

  • The construction of both a new cruise liner terminal and home for the Royal Yacht Britannia;
  • The erection of a brand new marina built to handle ferry crossings;
  • The introduction of a waterside shopping and dining centre;
  • Two new docking stations for small cruise ships;
  • The construction of around 5 new hotels and 2,000 new homes;
  • Two multi-storey car parks; and
  • New cycleways, parks, gardens and civic squares.

Forth Ports has estimated that, once fully constructed, the development will bring an extra GBP200m worth of capital to the city and will create job opportunities for around 8,000 individuals.

The plans have already gained the backing of local business officials, who believe that the development will become the heart of the city, bringing with it the opportunity for an increased presence in the global marine industry.

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