THE company set up by the city council and builders Miller to develop Edinburgh Park has gone into administration.
New Edinburgh Ltd (NEL) was formed as a joint venture 20 years ago, but council chiefs said it had served its purpose and blamed the current economic climate for the decision to stop further investment.
The company has no employees and its only assets are a part-let office block near the Gogar roundabout and 30 acres of development land near Edinburgh Park station.
Council leader Andrew Burns said: “NEL was set up to generate development and employment and it has been highly successful in doing both. Since its creation in 1990, it has created 7000 jobs and been responsible for the construction of 1.3 million square feet of office space.
“It has also generated millions of pounds in dividends for the stakeholders which has been put to good use funding council services for local residents.”