New images showing the scale of a homes-led redevelopment at the site of a former bank in the Scottish capital have been revealed.

Regeneration specialist Artisan Real Estate, together with fund manager REInvest Asset Management SA, has unveiled detailed plans to redevelop the former Deutsche Bank House at 525 Ferry Road, Edinburgh, near the Crewe Toll roundabout.

The office and data-processing centre was formerly the Scottish base for State Street Bank until the building was vacated in 2018.

The developers are now lodging a planning application with the City of Edinburgh Council to transform the vacant site, rebranded as 525 Park View, into a new residential neighbourhood providing 256 sustainable homes, 25% of which will be for affordable housing.

Flexible commercial space facing on to Ferry Road also provides the potential for cafes, shops and shared workspaces.

It is claimed the proposals are set to “dramatically raise the bar for sustainable city-centre living”.

More than two thirds of the development area will be made up of high-quality green spaces - including a large central communal garden as well as biodiverse green roofs and a “wetland” area which enhances local ecology whilst contributing to the wider sustainable urban drainage system.

Smart technology such as individual air source heat pumps for each home also means no fossil fuels will be used, "underlining the developers’ commitment to sustainable low carbon development and delivering low energy costs for occupiers".

The Herald: The scale of the planned development can be seen in the computer generated imagesThe scale of the planned development can be seen in the computer generated images (Image: 525 Park View)

The planning submission follows a comprehensive 14-month consultation programme, with the developers and Edinburgh-based 7N Architects working closely with local community.

David Westwater, of Artisan Real Estate, said: “This is a hugely exciting opportunity to breathe new life into an underused building, whilst ensuring its long-term future by bringing a new sustainable community to an accessible city centre location 

"Following the consultation feedback, we have worked hard to make this development not just the right fit for the site but also an integral part of the wider city centre area.

"We have reduced the heights of the building from nine to seven storeys and ensured the overall architectural design and materials respect local and historical contexts.”

Thomas Merkes, of REInvest Asset Management SA, said: “Our joint venture partnership with Artisan represents a major step forward in providing an innovative and collaborative mixed-use development solution to unlock the potential for this significant city centre site, which is set to create a genuinely transformational development in an accessible city centre location.”

Shares dive in Scots investment firm

Shares in abrdn were down around 9% this morning as the Edinburgh-based financial services giant said its investment division had felt the effects challenging market conditions in the first half.

The company reported net outflows of £4.4 billion from its investment funds in the first six months of the year, with assets under management dipping to £495.7bn from £500bn. Net operating revenue from investment was 15% lower at £466m because of lower AUM and net outflows, particularly in equities as clients moved assets to debt products and cash as interest rates continued to rise.