The value of Forth Ports’ property has been slashed, as the firm was forced to wipe millions off the value of its portfolio
The firm reported a £30.7 million pre-tax loss last year. Property consultants DTZ also wrote £222 million off the value of the port authority’s market assets to just £60 million, saying that 80 per cent of its land currently had no development value.
This downturn has also cast doubts over the £700 million development in Leith of nine urban villages on the coast, two of which were to feature a new cruise-liner terminal and visitor centre for the Royal Yacht Britannia, 1,900 residential units, 1,6000m² of retail, 99,000m² of office space and 19,000m² of leisure facilities, including five hotels.
Charles Hammond, chief executive of Forth Ports said that it would still be possible to realise a 30-year vision for Leith Docks, despite the short-term difficulties.
In early March, the AJ reported that Architecture + Design Scotland criticised Make’s proposals for Forth Ports’ headquarters building in Edinburgh.