Wed, 11 Jul 2012 | ADMINISTRATION
New Edinburgh Limited (NEL), the company behind Edinburgh Park business development, has entered administration.
The firm was set up in 1990 as a partnership between the City of Edinburgh Council and the Miller Group. It worked on the construction of office blocks, before selling them on at a profit. Further income was derived from selling land to developers.
At the moment it owns 30 acres of undeveloped land next to Edinburgh Park train station and a partially-let office block near the Gogar roundabout. However, it has no employees, meaning that the administration will not result in the loss of jobs.
Councillor Andrew Burns commented on the situation: “NEL was set up to generate development and employment and it has been highly successful in doing both. Since its creation in 1990 it has created 7,000 jobs and been responsible for the construction of 1.3 million square feet of office space.
"Unfortunately, the economic climate has changed due to global factors and the demand for office developments has declined. As such, even though overall NEL has been a successful and worthwhile venture it no longer offers sufficient benefit to justify the use of additional Council funds."
Deloitte have been appointed as the administrators of the firm and are set to consider what to do with its assets.
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