ONE of the last remaining potential development sites in Edinburgh's burgeoning financial district has been put on the market after lying empty for 20 years.
The gap site in the Exchange district, on the corner of Torphichen Street and Dewar Place, already has planning consent for a six-storey office block.
Selling agents are expecting healthy demand from developers when the site goes on the market nex
t week.
The planning consent was granted five years ago and is still valid – meaning that an office developer could start work on the site as soon as any sale is finalised.
It is thought that an office block would receive strong demand from potential tenants either looking to take up a full large office themselves or from firms looking to rent floors.
Cameron Stott, director of selling agent Jones Lang LaSalle in Edinburgh, said: "It is one of the last remaining sites in the Exchange district and they don't come on the market very often.
"It is just around the corner from the conference centre and between the Exchange and Haymarket, so it is a very important site.
"The planning consent is very significant as it can take some time to get, but that would not be required. There have been developers trying to get into Edinburgh for the past few years, but in this case they would be able to get on site and start developing within months."
The gap site was created in the early 1990s, when tenement blocks that were suffering from subsidence were demolished.
It is jointly owned by Edinburgh City Council and Glasgow-based Elementary Property Company.
A spokeswoman for the city council said that it was felt the site was "surplus to requirements" and the decision was made to dispose of it.
The initial application in 2002 was not from the site owners, but by AWG Developments Ltd, which had an interest in buying the site at the time. However, it is understood that it is not currently in the market for an Edinburgh site.
Marketing materials for the site are currently being prepared and it is expected to formally go on the market early next week.
Buyers could include firms that would be interested in submitting a new planning application, and Mr Stott said he expected keen interest from hotel companies.
"The location would be suitable for a hotel developer and there is not currently a hotel in the business district, although there are a number nearby," he said.
Ron Hewitt, chief executive of Edinburgh Chamber of Commerce, said: "It is a fantastic site and I would look to see creative suggestions for anything that might be useful."
The full article contains 449 words and appears in Edinburgh Evening News newspaper.
