Ediston Real Estate and Orion Capital Managers are preparing to buy RBS’ former offices and data centre at Dundas Street, Edinburgh.
Market sources said the 5.89-acre site, called New Town North, has been placed under offer for around £35m. It is one of the largest development sites remaining in central Edinburgh.
The scheme, which is owned by RBS, is expected to appeal to the full spectrum of city centre uses, including residential, build-to-rent housing, hotels, offices and leisure.
Before the competitive sale process, a concept masterplan had been put together for more than 409,000 sq ft of development, with landscaping and pedestrian-friendly public spaces.
More than 228,000 sq ft of existing offices and data centres were available for refurbishment or reuse.
New Town North is adjacent to Edinburgh’s New Town, which dates from the 18th century. It was granted UNESCO World Heritage Status in 1995 as a well-preserved example of Georgian town planning.
The land has historically hosted various uses, including a Victorian water theme park, a base for St Bernard’s Football Club and a greyhound race track.
In 1978 RBS commissioned its first building on the site, the office and data centre at 34 Fettes Row, with its final development on the site completed in 2009. It relocated its staff from the site last year to new headquarters in Gogarburn.
Cushman & Wakefield is advising RBS, while Savills is acting for Ediston.
All parties declined to comment.
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