New Edinburgh Ltd (NEL) is owned 50/50 by Miller Development Holdings Ltd and the council’s CEC Holdings Ltd.
Matt Cowlishaw, Neville Kahn and John Reid, partners at business advisory firm Deloitte, were appointed as joint administrators to on 9 July 2012.
NEL has substantially completed its Edinburgh Park commercial property development and has already sold the commercial properties.
The remaining assets of NEL comprise a partly let 60,000 sq ft commercial office building known as 7 Lochside View and around 30 developable acres of land with planning consent for commercial use.
Matt Cowlishaw of Deloitte said: “The administration appointment will have no impact on the occupiers of 7 Lochside View, which will continue to operate as normal. We will be appointing Scottish Widows Investment Partnership as asset manager to consider the options for the remaining assets of NEL.”
Background to Edinburgh Park
The development of Edinburgh Park began in 1990. It is a 120 acre site next to the city bypass. To date some 1.3 million sq ft of the development has been built out.
Since 1995, numerous businesses have moved in and there are now more than 7,000 people working in the development.
A railway station has been built at the southern end of the Park which provides a new stop on the main line.
New Edinburgh Ltd had planned to develop into the Southern End at Edinburgh Park over the next 15 -20 years, with permission to develop more than 2 million sq ft of accommodation.