Busstationownersmayextend leaseorsellsitetocitycouncil
The pension fund which owns Edinburgh bus station in St Andrew Square has told the city council it is willing to consider renewing the lease after all – or even selling the site to the local authority.
It was revealed earlier this week that Coal Pension Properties, which manages property investments for a coal industry workers’ pension scheme, had indicated it did not intend to continue leasing the site when its current agreement with the council runs out in 2027.
But in an apparent change of heart, it is understood the fund contacted the council and discussions have now taken place.
Council transport convener Scott Arthur said: “They say they are open to either the council perhaps extending the lease or even buying the site from them.
“The bus station is a key part of Edinburgh’s sustainable transport infrastructure and I’m disappointed a pension fund would consider putting its future at risk. I’m pleased they are open to negotiations around the council either buying or leasing the site.
“I’ve discussed it with council officers and they will bring a report to committee after the summer, which will look at the future of the bus station, including leasing, purchase or alternative locations within central Edinburgh.”
The current 20-year lease runs out in September 2027. There are no obvious alternative locations for the bus station if it was forced to move from its current site. One possibility said to be under consideration was to use Ingliston park and ride site near the airport.
In a video on Friday evening, Cllr Arthur said: “It’s a pension fund that currently owns that lease and they’re reviewing their options. Personally, I have a pension and I expect that pension to be invested sustainably, so if it was my pension fund that was thinking of demolishing a bus station and perhaps replacing it with something like a hotel I wouldn’t think that reflected my values or the values of my pension fund.
“It does not seem like the best decision to make in 2024 in the middle of a climate emergency.”
The bus station is a key part of Edinburgh’s sustainable transport infrastructure