Biggart Baillie Advises The Edinburgh Academy on the £11.5m Sale of its Boarding Houses
Wednesday, October 24, 2007
Biggart Baillie advised The Edinburgh Academy on the sale of its boarding houses for £11.5m. The prestigious 1.57 acre site located in the Inverleith area comprises three Scots Renaissance Arts and Crafts houses and has one of the finest vistas in the city. At £273 per sq. ft, this is arguably the highest price paid for a piece of land in Scotland to date.
David Hood, for The Edinburgh Academy said
"We are delighted not only with the outcome of the sale but also the speed and efficiency with which it was handled. Having taken the strategic decision to focus on the needs of the day pupils, the boarding houses have become surplus to requirements. The proceeds will allow the school to invest substantially in refurbishments and new facilities as we move towards becoming fully co-educational in 2008."
The sale was marketed internationally and as one of the most exciting development opportunities seen in Edinburgh for some time, it attracted widespread interest. A total of 24 bids were received including from London, Hong Kong, Ireland and Edinburgh. Property developers, Rettie & Co, were the successful bidder and unconditional contracts were concluded in 6 days.
The sale of the site was handled by Savills and Rettie & Co acted for the purchasers.
For more information, please contact David Ratter.