Downturn forces Law Society to scrap move

Published on Friday 25 July 2008 22:08

THE Law Society of Scotland has ditched plans to sell its historic headquarters in Edinburgh city centre because of a slump in the capital's property market.

The society, which has been based at Drumsheugh Gardens, in the city's West End, since 1968, announced earlier this year it was quitting the Georgian townhouse.

But hopes of raising more than 6 million from the sale of the property to pay for a move to a modern new office have been dashed because of the lack of demand for the old HQ.

The society had been keen to leave 26 Drumsheugh Gardens because of the building's "old-fashioned" image, a lack of storage space and its inadequate facilities for visitors.

Officials were also keen to find a new base close to one of the city's main transport hubs, with the Haymarket area the favoured option.

Property experts had expected huge demand for the Law Society's building, as Drumsheugh Gardens has long been seen as one of Edinburgh's most prestigious addresses.

But yesterday, the society announced that it was to remain at Drumsheugh Gardens for "the immediate future". It is understood the prospect of relocation will not be revisited until there has been a significant improvement in the capital's property market.

Ian Smart, the society's vice-president, said: "The recent downturn in the property market means we haven't secured the kind of deal which would make it prudent to move at the moment.

"We do still believe a move to new premises in Edinburgh is essential for the future development of the society, and while we're continuing to look at new offices and will continue to talk to potential buyers, we are not now planning to move before the end of the year."

Property expert Chris Dougray, a director with the agency DTZ, said: "It's a very difficult time in the property market at the moment – there's no point in pretending otherwise.

"This kind of thing hasn't really been happening with other properties like this, simply because people are choosing not to put them on the market until things improve."