Scottish & Newcastle has withdrawn its Holyrood Brewery site from the market, almost a year to the day after putting the one-acre site up for sale.
The short-listed bidders who had been identified, Kilmartin, Kenmore and CALA Properties, were notified of the sale withdrawal last month. It is believed that a preferred developer had been identified.
The site on Holyrood Road, near the Scottish Parliament, was earmarked for a multimillion pound development, including 30,000 sq ft of offices, an element of retail and leisure, and 60 homes.
S&N secured a prelet from a pub operator after the site went onto the market, which impacted upon the sale price negotiations.
Initially, 10 bids were received for the site, including one from Whiteburn Projects who developed the adjacent Tun building. This won the BCO national award for best commercial workspace in 2003.
A spokesman for S&N would not give a precise reason other than “renewed operational interest in the site”.
In similar instances, developers have tried to recoup the cost of preparing and submitting a bid. However, it is not believed that any of the short-listed bidders will do so in this case.
References: EGi News 16/11/06
