Leaders defend move to sell Smith house to lowest bidder

Published on Friday 16 May 2008 10:32

CITY leaders today defended their decision to accept the lowest bid for the house where economist Adam Smith lived in his final years.

An 800,000 bid from Heriot-Watt University's Edinburgh Business School to buy Panmure House has been approved by councillors.

The house, which dates from 1691, is set to be converted into a study centre for business and economics, and will include a library of early works of Smith and other Enlightenment figures.

However, a higher bid was received for Panmure House from city resident Laura Strong, who offered 955,000 and planned to restore the building with the help of award-winning conservation architect Nicholas Grove-Raynes.

City finance leader Gordon Mackenzie said: "It is clear from legal advice that the decision taken is in the best interests of the city."

Heriot-Watt's principal and vice-chancellor, Anton Muscatelli, added: "We are very encouraged by the council's decision to accept our bid and now hope for a decision by the Scottish Government which will approve our purchase."