Miller development joint venture folds

Grant Prior 10 years ago
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Miller Developments’ joint venture with City of Edinburgh Council has been put into administration.

Deloitte is now in charge of New Edinburgh Limited which has been developing Scotland’s biggest business park on the west side of the city.

The joint venture was formed in 1990 and has been responsible for the creation of Edinburgh Park where Miller has its headquarters.

Most of the park has been developed and sold with remaining assets including one partially-occupied office block,and 30 acres of undeveloped land near Edinburgh Park railway station.

No job losses are expected following the administration.

Council leader Andrew Burns told the BBC: “NEL was set up to generate development and employment and it has been highly successful in doing both.

“Since its creation in 1990 it has created 7,000 jobs and been responsible for the construction of 1.3m square feet of office space.

“It has also generated millions of pounds in dividends for the stakeholders which has been put to good use funding City of Edinburgh Council services for local residents.

“Unfortunately, the economic climate has changed due to global factors and the demand for office developments has declined.

“As such, even though overall NEL has been a successful and worthwhile venture it no longer offers sufficient benefit to justify the use of additional council funds.”

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