Gradle build failed with an error 'timeout waiting to connect to the Grade daemon'
<p>My new project is displaying this error on first run. I've not changed any project files android creates. Android Studio version 2.2 (Canary build), Gradle version 2.14.1 and plugin version 2.2.0.</p>

<blockquote>
  <p>Error: Failed to complete Gradle execution.<br/>
  Cause: Timeout waiting to connect to the Gradle daemon.<br/>
  Daemon uid: c788c7c1-86fc-45e7-9981-345127b657de with diagnostics:<br/>
  Daemon pid: 5044 log file: C:\Users\red\.gradle\daemon\2.14.1\daemon-5044.out.log<br/>
  Unable to read from the daemon log file: C:\Users\red\.gradle\daemon\2.14.1\daemon-5044.out.log,
  because of: java.io.FileNotFoundException: <br/>C:\Users\red\.gradle\daemon\2.14.1\daemon-5044.out.log <br/>(The system cannot find the file specified)</p>
</blockquote>

<p>Note: The app level build.gradle file is not displayed in Gradle scripts. Also the file is not opening within Android Studio. The 'build project' option is not displayed in 'Build' menu (probably because the build was not successful).</p>