Edinburgh-based developer, AMA, has sold Evolution House in the city’s West Port for £16.7m.
Edinburgh College of Art has bought the 47,330 sq ft, grade-A office building for an art studio and digital media facility.
The six-storey development has struggled to let since completion in 2003, despite winning or being short-listed for numerous architectural awards.
Its proximity to the overspill from the adjacent Exchange District was thought an advantage, however, financial occupiers were not persuaded to locate on the predominantly leisure pitch.
The college’s main campus at Lauriston is adjacent to Evolution House.
Cameron Stott, national director of Jones Lang LaSalle, who represented AMA, said: “This is an extremely significant sale in Edinburgh – the largest occupier deal for approximately 18 months.
“Not only will this be a major fillip to the market, but it will also act as an impetus in the office market and this area of the city.”
Edinburgh College of Art will consolidate its existing campuses, releasing over 70,000 sq ft of surplus properties in the city.
The former Salvation Army hostel on West Port, Portsburgh church, 79 Grassmarket and 37 Inverleith Place have also been brought to the market.
Ryden acted for Edinburgh College of Art.
References: EGi News 05/04/06
