Named in commemoration of Peter Carmichael of Arthurstone (1809–1891), long Superintendent of Dens Mill, and at his death senior partner in Messrs. Baxter, Brothers & Co. He acquired the estate of Arthurstone in 1869, and resided there till his decease.

Source: 'Glimpses of Old and New Dundee' - A.H. Millar, January 1925

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