Investment represents significant boost for Fife property market
The former Fife College-owned Priory Campus in Kirkcaldy has been sold to a London-based developer for an undisclosed sum.
Shepherd Chartered Surveyors handled the sale on behalf of Fife College.
Jonathan Reid, partner at Shepherd, said: “Following much interest in this unique development opportunity, we are delighted to conclude this sale on behalf of Fife College.
“This inward investment represents a significant boost for Fife’s property market and illustrates the Kingdom’s appeal to property developers throughout the UK.”
The Priory Campus ceased to be an operational facility for the College in July 2016 as part of the implementation of the College’s Estates Strategy that has seen a consolidation of activity in Central Fife at the St Brycedale Campus in Kirkcaldy and Stenton Campus in Glenrothes.
A new Levenmouth Campus opened in August last year in Buckhaven and a further £90million of investment in new facilities is planned for West Fife over the next few years.
David Neilson, vice principal for Finance and Planning at Fife College, said: “We are very pleased to have completed the sale of our former Priory Campus. This has been an exciting 12 months for us as we continue to take further steps forward in achieving the aims of our Estate Strategy.
“The funds raised from the sale will be reinvested in the College estate to create modern teaching and learning spaces which meet the needs of our students.”
The Priory Campus comprises a mixture of purpose built and converted properties in a mixed residential and commercial location on the outskirts of Kirkcaldy town centre, around 25 miles north of Edinburgh.
The properties occupy a site between two of the main arterial roads in Kirkcaldy, Victoria Road and High Street, and is in close proximity to the port with a southerly aspect and views over the River Forth.