Former Edinburgh sorting office sold for £4m

Post by **TrueBlueTerrier** » 08 Oct 2010, 13:42

http://business.scotsman.com/business/F ... 6571083.jp" onclick="window.open(this.href);return false;

Published Date: 08 October 2010

A FORMER Royal Mail sorting office in Edinburgh has been sold for £4 million in a deal that will see the site being redeveloped for housing and commercial premises.

The four-acre Brunswick Road site has been bought by Attila Asset Management, with funding from Close Property Finance, part of London-listed lender Close Brothers Group.

In March, Royal Mail applied for permission to build 200 flats as part of marketing efforts for the site, which closed in June 2009.

Stuart Anthony, director of Close Property Finance, said: "Brunswick Road is a good funding proposal for us thanks to its strategic location and excellent local amenities.

"Attila's management team has a strong track record and, despite the lack of finance from high street banks for land development, we can see the potential and have the ability to lend."