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Bargain hunters to tap into brewery land sale

posted 24 Apr 2009, 06:03 by David Rintoul   [ updated 17 Nov 2009, 13:32 ]

A key city development site is expected to be sold off at a bargain basement price.

At least half a dozen companies were today expected to submit bids for the site, on land that used to house the social club of Scottish & Newcastle's Fountain Brewery.

With commercial land value said to have fallen by around 40 per cent in the last year, any successful bidder is expected to get the site at a knockdown price.

The Tartan Club land became available when Royal Bank of Scotland withdrew its funding for the £80 million development of flats and offices, causing council-backed developer Buredi's Fountainbridge subsidiary to fall into administration.

No public money has been lost in the project, with the only funding to date, including the purchase of the land from Scottish & Newcastle, design and planning costs, being provided by RBS.

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