Wed, 02 Nov 2011 | COMMERCIAL PROPERTY
Edinburgh City Council has sold off 14 of its former commercial buildings in a deal which has netted the cash-strapped body almost £40 million.
The mass sell-off of the office buildings follows the opening of the new civic headquarters at Waverley Court on Market Street, which has seen 1,600 employees relocated to the new site.
Since the city council sold off the former premises, some have found new uses, such as the former Lothian Regional Council, which was acquired by the Mound Property Company and is now the Hotel Missoni on George IV Bridge.
However, some of the premises remain ‘gap sites’ due to the uncertain economic climate still affecting the city and its commercial property investors.
Councillor Phil Wheeler told The Scotsman, “Many of the buildings we previously occupied would have been very expensive to maintain as office accommodation but they were ripe for commercial development, which in turn creates valuable jobs and income for the city.
“We will continue to look for opportunities to save money through better use of our properties, which may include bringing staff together on existing or new sites, and selling vacant properties where we can achieve a good return for the taxpayer,” Mr Wheeler added.
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