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Brewery site blow as developer goes bust

posted 3 Feb 2009, 05:47 by David Rintoul   [ updated 1 Nov 2009, 18:51 ]

The massive regeneration of the former Fountain Brewery has been dealt a major blow after a key developer went bust.

Buredi Fountainbridge – the council-backed company hoping to build flats and offices on the old Tartan Club site – has gone into administration after RBS withdrew its backing.

The land will now be offered for sale in an effort to recoup some of the bank's losses. Property experts, however, have questioned whether anyone will buy the land in the current economic climate.

Buredi Fountainbridge is a subsidiary of Buredi Limited, a joint venture between council-owned developer EDI and housebuilders the Burrell Company.

The company had planned to build 170 flats and an office complex as part of an £80 million development of the former Fountain Brewery social club next to Cargo and Edinburgh Quay.