£300m Caltongate project thrown into doubt
by Caroline Wilkinson | 24 Mar 2009
The completion of the controversial £300m Caltongate development in Edinburgh is now in doubt after developers Mountgrange Capital went into administration.
The developer collapsed after HBOS withdrew its financial support for the scheme, which was given planning approval in September 2008. The project, designed by Allan Murray architects, was to include a new public square and a five-star hotel with a restaurant, a health spa and a café at a site off the Royal Mile. Heritage and community campaigners have opposed the scheme for the last four years after it proposed to demolish listed buildings and in turn threatened Edinburgh's World Heritage status.
According toThe Times the development company has established a new fund that it hopes will enable it to buy back their former assets out of administration. Mountgrange Capital's assets will be administered by Deloitte, and is said not to affect the Mountgrange Investment Management company.
The completion of the controversial £300m Caltongate development in Edinburgh is now in doubt after developers Mountgrange Capital went into administration. The developer collapsed after HBOS withdrew its financial support for the scheme, which was given planning approval in September 2008. The project, designed by Allan Murray architects, was to include a new public square and a five-star hotel with a restaurant, a health spa and a café at a
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