In ‘The Herald’ letters page (12 December) Kate Mavor writes:
Sale of national Trust HQ has been taken for sound financial reasons
I am writing to reassure members of the National Trust for Scotland that the recent decision to sell its administrative offices in Charlotte Square in Edinburgh was taken in the best financial interests of the charity. (‘Anger as National Trust loses £3m on sale of HQ’, The Herald, December 7)
The Trust has been living beyond its means for some time. Measures have been taken to boost income and reduce expenditure, , and one was to relocate administrative functions to more efficient premises.
The sale of Wemyss House in Charlotte Square and the relocation to Hermiston Quay in Edinburgh is estimated to save the Trust over £6m over the next 5-10 years. This is because its running costs will reduce and repair and upgrading work will be avoided.
Considerable sums of money were indeed invested when the Trust moved into its current offices 10 years ago. Much of that was targeted at restoration work which has not translated into market value. This was recognized some time ago, such that the property was valued at £8.7m on completion of the five-year refurbishment in 2001. This figure did not reflect an investment of £7m in a building purchased in 1996 for £5m – that is what the “loss” relates to, not the current situation.
The property was valued this year at £6.4m by the District Valuer. The sale price was £8.75m. The Trust will make a gain of £1.1m on the sale which will cover the costs of relocating to more cost-effective premises. Ongoing savings thereafter will allow the Trust to invest more in its core conservation work.

People fighting to save an Aberdeenshire mansion from closure and conversion have formed a Friends of Leith Hall group to promote the property as a visitor attraction.

The house is closed to visitors, although its hillside gardens and grounds remain open to the public. Further details of the campaign to preserve the house as a tourism attraction and possible events venue are available online at www.friendsofleithhall.co.uk.

http://www.pressandjournal.co.uk/Article.aspx/1518283?UserKey=#ixzz0ZBfecuSE

Today’s Sunday Times quotes ITFS, Prospect and MSPs reaction to the revelation that NTS lost £3.3 million on the sale of Wemyss House.

ITFS said: “We have had a number of complaints alleging incompetence among members of the senior management team and we have passed them on to George Reid. The secretive nature of this deal is another example of a bankrupt management style. We hope the review now being undertaken by George Reid will highlight these failings so a desperately needed change of culture will follow.”

Read the full article here