Scottish Government confirm £84m regeneration of city's waterfront

Plans to regenerate the city’s waterfront through a pioneering financial system have been announced by Edinburgh City Council and the Scottish Government.

Under the scheme, money generated from the Edinburgh Waterfront project, which will see the stalled development at Leith Docks continued, will be used to pay off a start-up loan taken by the council. 

Finance Secretary John Swinney announced his support for the scheme at the second annual Scottish Futures Trust conference, saying: “Westminster cuts to the Scottish budget have emphasised the importance of finding new funding models to deliver crucial infrastructure projects such as the Edinburgh Waterfront, that can unlock further economic development, whilst ensuring maximum value for the public purse.”

The £84million revamp of Leith Docks began in 2007 but financial restraints halted the development. Now, using future revenues to fund the project, plans are being set in motion for the building of a new pier for the Royal Yacht Britannia, a cruise liner terminal, lock gates, a new road link to the waterfront and a public esplanade.

Landowners Forth Ports have made provisions for the expansion of Ocean Terminal, providing a platform for the development of new retail and business opportunities. There is a possibility of the residential units being built in the future though this is dependent on the UK property market.

Council leader Jenny Dawe highlighted the importance of new business and investment for Edinburgh. She said: “I warmly welcome the Scottish government’s support,” she said. “Our aim is to kick-start growth, which will protect and create jobs now rather than waiting until the economy recovers.”

Edinburgh City Council estimates that the regeneration will create 4,900 new jobs and could generate around £660 million in private sector investment.

It is hoped the economic model will also be used to finance other Scottish developments. These may include the regeneration of Ravenscraig and Glasgow’s Buchanan Galleries shopping centre.