The Scottish Government have decided to restore an old legislation, which could mean that land and commercial properties could be bought for pennies rather than millions.
The legislation in question is ‘The Long Leases Bill’, which enables long-lease holders to take over land, along with property, if the lease has over 100 years left.
One site in particular that will be affected is the land that is housing the Princes Mall Shopping Centre, in Edinburgh. This 1.68 acre site and commercial property is worth £50 million, however it could be bought by former Rangers Football Club owner and businessman, Sir David Murray for only 40 pence. Sir Murray has rights to buy the site as his company, Premier Property Group (PPG), bought the lease for the Princes Mall site in 2004 for £37 million.
Speaking of her opposition for the legislation, Alison Johnstone, Councillor and MSP of the Scottish Greens expressed: “We need to ensure that Waverley Market has a specific exemption and isn’t handed over to a wealthy business tycoon as a consequence of this legislation.”
Andy Wightman, Land Expert for the Scotsman also expressed his resistance towards the Bill: “I am not pleased the legislation is being revived. If civic Edinburgh wants to leave a legacy to future generations, it needs to put up a fight now.”
Princes Mall Shopping Centre, formerly known as The Waverley Shopping Centre and prior to that, it was called Waverley Market. The mall originally opened in 1984, and was owned by Speciality Shops. During its first few years of trade, the mall was full of flower and fresh fruits markets, which is where it got its original name from.
The mall was sold in 1988 to Haslemere Estates who refurbished and modernised the commercial space. Sir Murray bought the mall in 2004 and today it generates over £2 million in revenue per year. Shops and food outlets that reside in the mall include: Costa, Harry Ramsdens, New Look, Oasis, Regis, Subway, The Body Shop and Warehouse, just to name a few.
