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| Version 2 | Version 3 |
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| Developer collapse hits city plan | |
| (40 minutes later) | |
| Edinburgh's biggest real estate project in a decade has been put on hold after the developer went into administration. | Edinburgh's biggest real estate project in a decade has been put on hold after the developer went into administration. |
| The £300m Caltongate development by Mountgrange Capital has faltered after the developer said the Bank of Scotland had pulled out its financial support. | |
| Mountgrange said the bank had classified its loan as a "toxic asset". | |
| The development in the city's Old Town had attracted hundreds of objections from campaigners and heritage groups who said it did not fit with the area. | The development in the city's Old Town had attracted hundreds of objections from campaigners and heritage groups who said it did not fit with the area. |
| The plans included a luxury hotel, an office complex and 200 homes. | |
| It was the biggest project in Edinburgh since the construction of the £431m Scottish Parliament, and was expected to take up to five years to complete. | |
| Mark Cummings, spokesperson for Mountgrange Capital, confirmed that Deloitte had been appointed administrators for the company. | Mark Cummings, spokesperson for Mountgrange Capital, confirmed that Deloitte had been appointed administrators for the company. |
| 'Change of attitude' | 'Change of attitude' |
| He told BBC Radio Scotland: "For people in Edinburgh, that means that our ability to make good on the Caltongate development will be impaired in the short-term certainly. | He told BBC Radio Scotland: "For people in Edinburgh, that means that our ability to make good on the Caltongate development will be impaired in the short-term certainly. |
| "Over the last four years that we've been promoting this project and since the economic difficulty kicked in last summer, nothing has changed from Mountgrange Capital's perspective - we've just published our last annual accounts which made provision for this project. | "Over the last four years that we've been promoting this project and since the economic difficulty kicked in last summer, nothing has changed from Mountgrange Capital's perspective - we've just published our last annual accounts which made provision for this project. |
| "But in the last two weeks a change of attitude has been forthcoming from our bankers and that has led to us having to take this action because their support has dropped away." | "But in the last two weeks a change of attitude has been forthcoming from our bankers and that has led to us having to take this action because their support has dropped away." |
| The development attracted the attention of Unesco last year because it would have been part of Edinburgh's World Heritage Site. | |
| Unesco inspectors threatened to launch an inquiry into the city's World Heritage status after campaigners said the development did not fit in with the city's Old Town. | |
| The Bank of Scotland has said it was unable to comment for reasons of confidentiality. | The Bank of Scotland has said it was unable to comment for reasons of confidentiality. |