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