Construction News

24/03/2009

Landmark Plans In Jeopardy

Developer Mountgrange Capital has gone into administration putting Edinburgh's biggest real estate project in a decade into jeopardy.

The £300m Caltongate development, located beside Waverly station in the centre of Edinburgh's old town, has been put on hold after the Bank of Scotland pulled out of financial support classifying the firm's loan as a "toxic asset".

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The bank has said it was unable to comment because of confidentiality agreements.

The controversial development plans had attracted hundreds of objections from campaigners and heritage groups who said it did not fit in with the area.

(GK/JM)

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