The well stood behind tenements in Gladstone's Court, immediately west of Old Tolbooth Wynd. The Court was called Bowling Green Close until its name change to honour the 19thC M.P. for Midlothian and Liberal prime minister. It also housed the Magdalene Asylum before it moved to Dalry.
NT2673 : Holyrood Why not just look at the clock I hear someone asking. ;)
A. Because it was traditionally kept five minutes fast to encourage travellers to be on time for their (North British) trains at nearby Waverley station.