Fri 9 May 2008
Considerable residential development opportunity in Edinburgh
The site of the former Telford North College, a 7.83-acre site in the North Fettes area of Edinburgh, which is ripe for what is likely to be one of the most significant residential developments in the Scottish capital this year, has been placed on the market.Planning consent has already been awarded for the conversion and extension of the Grade B listed building which housed the former intermediate school and the construction of three new build residential blocks to provide a total of 327 flats.
DTZ, which has been appointed to market the site, expects to receive bids in the region of 12.5million.
John Brown, Director of DTZ, said: “This is a fantastic opportunity for a developer to purchase a prime Edinburgh site which is just 1.5 miles from the city centre. We envisage that it may be sold as three separate lots and this makes it an even more attractive option for potential developers who wish to make a mark in the buoyant Edinburgh and Scottish housing market.
“The housing market within Edinburgh has been more resilient than elsewhere and so we would expect a site of this nature to be of interest to large developers from outside the Scottish market looking to gain exposure to a more stable market than their home or traditional locations. To date this view has been justified with a number of English based companies expressing an interest in the site.”
The prospective development is located within close to the city bypass, M8, Forth Road Bridge, Edinburgh City Airport, while the first phase of the Edinburgh tramline will soon be opened.
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