Edinburgh council’s property development arm, the EDI Group, posted a 15% rise in net asset value to £51.3m in its full year results for 2006.
The results, published today, reveal pre-tax profits for the year doubled from the previous year to £2.83m (2005: £1.31m) on turnover of £6.5m.
The EDI Group generated £41m for
Disposals included the sale of the Morrison Street Goods Yard with planning permission for 500,000 sq ft of commercial development to Tiger Developments.
Councillor Gordon Mackenzie, chair of The EDI Group, said: “I am very pleased to have taken over the Chair at The EDI Group during a year when the company has again turned in a creditable performance, one that matches up well to its property industry peers.”
paul.norman@egi.co.uk
