PLANS for a new “urban quarter” next to the Corn Exchange in Edinburgh have been revealed.
Watkin Jones Group has unveiled proposals to develop a range of build-to-rent homes and managed student accommodation, forming a mixed-tenure urban residential village, on land to the rear of the venue in the west of the city.
The development at New Mart Road, Chesser, would form part of the overall regeneration of the brownfield site following the recent acquisition of the Corn Exchange by the Academy Music Group. The venue is to be renamed the 02 Academy Edinburgh.
In addition to the concert venue, the Corn Exchange includes the World of Football and World of Bowling buildings.
Iain Smith, planning director for Watkins Jones, said: “We’re thrilled to be announcing our exciting scheme for this new urban quarter at Chesser, creating a thriving and diverse community as part of an overall redevelopment of the area. The site is in a highly sustainable location with excellent access to amenities and transport links and will be built to future-proofed high environmental standards.
“Maintaining the strong heritage of the site is a feature of the development and our intention is to retain the character of the buildings where we can, ensuring their long-term viable future, with the creation of some fantastic public squares, each with their own distinct identity.
“These proposals will greatly assist in the regeneration of this part of the city and we are consulting extensively to ensure that people from across the local area have an opportunity to input their views and shape our ambitious proposals.”
Watkins Jones has formally submitted a proposal of application notice to City of Edinburgh Council, signalling its intention to submit a planning application for the development following a minimum 12-week consultation period. The plans would involve regenerating a brownfield site that formerly comprised a mix of listed and unlisted buildings used originally as an auction mart and livestock sheds. The developer said it would seek to retain the character and elements of the buildings.
It is hoped the project will be completed in 2025 if planning permission is granted.
Cineworld has said it will pay $170 million (£122.5m) to shareholders in its US arm Regal.
It came after a lengthy claim from shareholders of Regal Entertainment who were disgruntled by the chain’s price when it was taken over by London-listed Cineworld in 2017.
Cineworld, the world’s second largest cinema group, told investors on Friday that it has reached an agreement with the group after a judgment in court earlier this year.
In May, the company said it received a judgment in favour of a claim of around $255m (£183.8m), which it said at the time was roughly in line with expectations.
The movie theatre operator said that the initial $170m payment will now be made to dissenting shareholders.
It added that a further $92m (£66.3m) will be held in an escrow account “to be available to Cineworld as additional liquidity under certain circumstance”.
The original acquisition of Regal was a deal worth around £2.7 billion, or around 23 US dollars per share, and was funded by a major investor cash call.
The chief executive of STV Group has declared television “reasserted itself” during the pandemic as the broadcaster returned to profit in the first half of the year.
The Glasgow-based company roared back into the black in the six months to June 30, driven by the rebounding advertising market and growing TV viewing figures.
Chief executive Simon Pitts told The Herald: “We are very proud with how STV has responded over the last 18 months and the strength of our recovery has already taken us beyond 2019 levels of revenue and profit, to the point where we can say we are emerging from the pandemic stronger than ever.”
The broadcaster made a pre-tax profit of £8.5 million in the six months to June 30, following a loss of £4.9m at the same stage last year.