Construction News

Sat October 31 2020

Related Information

Funding agreed for £84m Edinburgh waterfront redevelopment

14 Oct 10 An £84m redevelopment of Edinburgh's waterfront has been given the go ahead after a funding agreement was secured.

An £84m redevelopment of Edinburgh's waterfront has been given the go ahead after a funding agreement was secured.

Under an unusual arrangement, the city council will borrow the money to finance the scheme against future business rates income.

The works at Leith Docks will include a new terminal for cruise liners, lock gates, the development of a new link road and a riverside walkway with shops and restaurants.

The development aims to encourage up to £660m-worth of private sector investment in the area.

Edinburgh City Council finance secretary John Swinney said Government cuts meant new methods had to be used to fund such developments.

"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,” he said.

Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest construction news, construction tenders, construction data, and construction law.

Got a story? Email news@theconstructionindex.co.uk

MPU

Click here to view more construction news »