In February 2000 a joint venture was entered into by the City of Edinburgh Council and Lothian and Edinburgh Enterprise Limited to set-up a Company, Waterfront Edinburgh Limited to implement the Master Plan on behalf of the Council and LEEL. (The reference to the Master Plan is the Llewelyn Davies Master Plan)
The Council and LEEL (now SEE&L) agreed to provide funding and contributions in equal amounts, £16,625,000 over a period of time, these sums being the shareholding that both organisations would have in the Company.
The Agreement sets out how the Venture shall be carried out in accordance with the principal objectives as follows:
• To promote, support and/or effect the development of the site at Granton, Edinburgh as identified in the Master Plan (the Project Site) in accordance with the Master Plan with a view to promoting economic development and having regard to the principles of sound commercial property development, management and investment and on sound commercial profit making principles and so as to maximise the financial potential of the Project Site
• To assist in the creation of employment opportunities, and in particular (but without limitation) to acquire properties, interests in property and options over property within the Project Site
• To prepare the Project Site for development through decontamination and infrastructure works (which may include the provision of financial or other support in relation to the improvement of the southern access road from Ferry Road to West Granton Road, Edinburgh and the wider infrastructure serving the Project Site irrespective of the level of benefit thereby conferred on the Company
• To promote the Project Site as a development opportunity, and sell, grant leases and other interests in and options over and/or otherwise dispose of the Project Site or properties within the Project Site on the best terms reasonably available
• Pending such sale, lease or disposal, to manage the Project Site in accordance with the principles of good estate management
• To obtain statutory consents and/or other consents in respect of development of the Project Site and carry out such development of the Project Site for commercial, leisure, retail, residential or such other purpose or purposes as the directors may determine
• To carry on all such activities and take all such other steps as may be reasonably ancillary to any of the preceding matters including (without limitation) the establishment and implementation of joint ventures between the Company and third party developers
The Master Plan means the draft Granton Master Plan prepared by Llewelyn Davies as presented to a special planning committee of the City of Edinburgh Council on 9th February 2000 until superseded by the final amended master plan approved by the planning authority and agreed and adopted by the members of the Company and the directors. The final Master Plan was subsequently adopted by the Council in January 2001.
The Project Site means the whole area covered by the Master Plan prepared by Llewelyn Davies.