Built in 1871 by brothers John, James and Henry Ballantyne, the Waverley Mill was the last major woollen textile factory to appear on the industrial landscape of Innerleithen. Unlike the other mills adjacent to the dam (mill lade) the water essential to the manufacturing process came from an artesian well below the mill. Where the other mills initially employed water power the Waverley Mill was steam powered from the outset. It was also ideally placed to take full advantage of a modern rail network, having its own dedicated railway sidings and loading bays to facilitate inward and outward transport of goods and raw materials. The carding and weaving of wool and ultimately the spinning and dyeing of artificial fibres provided employment for generations of Innerleithen folk until the mill was closed down around the year 2000. Within ten years the factory and its landmark chimney had disappeared and the former industrial land now accommodates a modern housing complex.