Edinburgh Napier to lose money in sale of Craighouse

Property experts have warned that Edinburgh Napier University faces an uphill struggle to get a return on the sale of its Craighouse campus, after it announced that it was seeking a buyer for the historic buildings and grounds.

In a statement, Napier said: “We have formally sought expressions of interest in buying the Craighouse campus through a tendering process.

“The University is now assessing a number of options and we hope that a way forward for Craighouse will be agreed upon before the end of the year.”

Speaking to The Journal, John Edwards, Chairman of the Royal Institution of Chartered Surveyors Scotland (RICS), said: “I wouldn’t want to be trying to sell a property at the moment.”

A representative from RICS also suggested that the grade-A listing of some of the buildings on the site could put off potential developers.

Highlighting the poor state of the current property market, Mr Edwards added: “I don’t see another boom on the horizon.”

However, Mr Edwards was upbeat on the chances of Napier finding a buyer for the campus: “I understand there are a number of developers looking at the site.

“The best thing the university could do would be to form a partnership with a prospective developer, and share the profits from construction on the site.”

Edinburgh’s other major redevelopment of historical buildings, the Quartermile – where the city’s 19th century Royal Infirmary buildings are being transformed into luxury flats and office space – has run into trouble, with the city authorities being called upon to write off almost £700,000 of council charges.

A spokesman for Edinburgh Napier told The Journal: “The proceeds of any sale will go towards our £100m Estates strategy, which includes the cost of redeveloping our Sighthill and Merchiston campuses and enhancing the university experience for our students.”

“Craighouse buildings that become surplus to requirements, following the re-opening of our Sighthill Campus, will be closed in the short-term.”

The university purchased the site in 1994 at a cost of £9m, including refurbishment of buildings to adapt them for use as teaching space and offices.

As well as housing the office of University Principal and Vice-Chancellor Dame Joan Stringer, the Craighouse hosts part of the School of Creative Industries, with Creative Arts and Music courses taught on site.