Scarlett Land and Development and Cushman & Wakefield have completed the sale of a portfolio of surplus NHS Lothian properties, generating £5m of much needed revenue for NHS Lothian.
The properties located in the prime residential Grange area of Edinburgh have all been acquired by private buyers for conversion into substantial private homes.
The buildings provided services that were linked to the nearby Royal Hospital for Sick Children (RHSC) which, until recently, was located in the neighbouring Sciennes area. Following the move in March 2021 of RHSC to a modern and purpose built hospital at Little France next to the Royal Infirmary of Edinburgh and Simpson’s Maternity Unit, a decision was also taken to relocate these services.
Three properties and a plot have been sold by Scarlett Land and Development and Cushman & Wakefield. 14 & 16 Hope Terrace (built between 1852 and 1877) opened in 1936 and housed the Child & Adolescent Mental Health Services department. 10 Chalmers Crescent (built in circa 1868) housed the Lothian College of Nursing and Midwifery and the Community Child Health Department.
Scarlett Land and Development and Cushman & Wakefield were instructed as joint selling agents on the portfolio in 2019.
The joint agents will shortly be marketing a further property at Marchhall Crescent. 3 Marchhall Crescent (Marchhall Nursing Home) is a category B Listed building built in circa 1854 and lies within the Blacket Conservation Area. It served as hospital during the First World War and subsequently became a nursing home. Further details will be available soon.
Will Scarlett, Director, Scarlett Land and Development said: “The sale of this portfolio has raised significant funds for NHSL from older properties within the Estate that were identified as being no longer fit for purpose; the joint agents have realised best value by selling direct to owner occupier purchasers and taking advantage of the particularly buoyant family residential market in Edinburgh. We look forward to working closely with the NHLS Estates team on the remaining instruction.”
Ollie Barron, Senior Surveyor, Cushman & Wakefield added: “We are delighted the purchasers have seen the significant potential these well positioned and historic assets demonstrated. With NHSL moving to modern accommodation, we are pleased to have achieved best value through the sales and raise over £5m on these surplus assets. We look forward to working with NHSL on the launch of a further prime opportunity later this year which is sure to generate significant market interest.”
Published 19th May 2021