by Luke Rajczuk
Edinburgh’s largest property development, the Waterfront Regeneration Project, which has suffered losses of £6 million will continue, vows the company behind it.
After facing financial problems caused by recession and bankruptcies of a number of investing companies the regeneration seems to be moving forward.
The regeneration project began in year 2000 with an idea of building 30000 modern flats a number of hypermarkets and a promenade in the area of Edinburgh’s Leith Docks and Granton. Waterfront Edinburgh Ltd, the main company behind the project vowed to build despite of a £6 million loss caused by the tough times of the recession.
Due to the chief executive of Waterfront Edinburgh ltd Colin Hunter there were too many luxurious flats built which were difficult to sell in the times of financial depression. Mr Hunter’s solution to the problem is to move away from the original master-plan and focus on larger affordable homes.
Mr Hunter said: “In times of economic turmoil, the public sector needs to step up to the mark and that is what we intend to do.”
“We have unashamedly set the vision high for Granton and we remain committed in our efforts to create a waterfront to any other in the world.”
He added: “The current economic climate has undoubtedly posed challenges for regeneration projects and the property and development sector at large.”
According to Edinburgh Waterfront Ltd reducing the cost of flats will speed up the process of selling them to the user and the quick sales bring some important dynamics to the overall result of finishing the project, meeting deadlines and making the consumer and local Leith/Granton community pleased with the development in their area.