S1 Developments has bought the Little Sisters of the Poor’s St Joseph’s House care home in Edinburgh city centre.
The developer won a competitive bidding process, beating interest from 17 other potential buyers.
S1 has exchanged contracts for the acquisition of the 1.48-acre site at St Joseph’s House, 41-45 Gilmore Place for around £6m.
St Joseph’s House was used as a care home for 154 years. The religious order instructed JLL to sell the site, as a result of a shortage of nuns able to provide care for the elderly.
Jason Hogg, director of residential and development land at JLL, said: “With 18 bids at closing, we attracted interest from a wide range of parties throughout the UK as well as the local Edinburgh market.
“Despite the normal planning risks associated with dealing with a listed building and new-build development within the Conservation Area, the top bids were unconditional on planning – which again demonstrates the strength of demand in this sector and the lack of similar sites within the city.”
S1 Developments will now work up plans for a residential development on the prime city site, which is estimated to have capacity for 60-70 homes.
It is a short distance from the highly-coveted Fountainbridge site, which Edinburgh City Council will bring to the market as a mixed-use scheme of 611 homes and 100,000 sq ft of offices later this year.
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