The designs by Foster & Partners include a mix of uses incorporating old and new buildings to form a natural link from the Meadows to the Old Town and Royal Mile, with new public space, shops, cafés, bars and restaurants, as well as office space and a hotel. The planning application also includes 600 new homes.

Southside Capital Development Director Andrew Brooks said: 'The project will act as a major driver in the regeneration of this part of the city by bringing in substantial public and private investment as well as stimulating the local economy.'

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