£10M Surplus Properties Sale
22nd May 2006
As a result of the consolidation of the College of Art’s activities at Evolution House/Lauriston Campus Ryden has announced that the institution, through placing surplus properties on the market, looks set to achieve around £10 million. The move follows the college’s £16.7m purchase of Evolution House and represents a major rationalisation of its property holdings, with substantial savings on future running costs. The property sales include the £4.75 million sale of 79 Grassmarket to George Heriots School (Jones Lang LaSalle advising). The former Mining School has a series of inter-connecting two, three and four storey buildings surrounding an attractive courtyard. The accommodation totals around 41,526 sq ft (3,850 sq.m) on a site area of 0.389 hectares (0.95 acres).Portsburgh Church and adjacent former Salvation Army Hospital, The Vennel/West Port together total 17,000 sq ft and could together be converted to a hotel if planning permission is granted. The inter-connecting Category C buildings are worth around £1.9 million. 37/39 Inverleith Place and adjoining studios have been bought by Life Property Developments Ltd for £2.5million (subject to planning consent for luxury apartments). The total accommodation provided is in the region of 10,535 sq ft (962 sq.m).Ryden negotiated on behalf of the College of Art in its purchase of Evolution House. The new six storey office building provides 47,330 sq.ft (4,397 sq.m) of accommodation together with 11 car spaces. The award winning building was designed by Reiach & Hall Architects and is immediately adjacent to the College of Art's main campus at Lauriston. The building will be fitted out to provide administration offices, library, teaching accommodation and other facilities. It was developed by one of Edinburgh's most prestigious developers, AMA, advised by Jones Lang LaSalle.
