Council pulls out of capital revamp

Aug 4 2010

A controversial £300 million development in the Scottish capital is unlikely to ever go ahead as originally envisaged, it has been confirmed.

City of Edinburgh Council has withdrawn its assets from the Caltongate scheme after concluding that negotiations are unlikely to be fruitful. These assets comprise the old Canongate School, the garage and arches on East Market Street and land off Cranston Street.

The decision was prompted by frustration that a new developer had not been found more than a year after the company behind the project, Mountgrange Capital, went into administration.