I was rooting around for the answer on StackOverflow to the question above, as I had recently updated to Mac Sierra and by doing so Xcode 7 updated to 8 automatically. I couldn't find the answer to what I wanted, so I decided to share my findings.
Of course I'm not quite ready to invest the time just yet in Swift 3.0 so I wanted to know how to keep two instances of Xcode on my machine for the time being.
Therefore below is how I went about doing this...