Edinburgh’s Corn Exchange owner buys John Swan land

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Livestock auctioneer John Swan & Sons has agreed to sell a 1.4 acre of land in Edinburgh’s Chesser area to Marco’s Leisure for £550,000.

The sale of the land, which is adjacent to Marco’s Corn Exchange venue and formerly used as a grazing field, is expected to complete at the end of this week.

John Swan said the sale would generate a profit on disposal of £490,000 after expenses, as the land is valued in its books at £50,000.

The firm has also included a clawback agreement in the deal, which could see it receive 50 per cent of any increase in the value of the land if it is sold on by Marco’s within five years or if planning permission is granted for change of use.