AMA has pledged that the arts will remain a priority in developing a sustainable future for the buildings.

Formerly a veterinary college, the large array of buildings, owned by Isle of Man-based Oesselmann Estate Limited, has been run as an arts village for 13 years. The intended sale to AMA hopes to secure the long-term future of these historic buildings for future generations to enjoy.

A spokesperson of Oesselmann Estate Limited said: “We are delighted by AMA’s proposals for Summerhall and their commitment to continue supporting the arts at the venue

“In the meantime, existing tenants can remain in place, and discussions are ongoing with two charities, Edinburgh Palette to take over the day-to-day management of the facility and Summerhall Arts to take over the delivery of the currently planned and future programme of events.”

Dr Ali Afshar, co-founder and managing director of AMA, said: “We are proud to have been chosen as custodians of this iconic Edinburgh landmark and one that we know is so important to the arts community.

“Summerhall is a complex city centre site, steeped in history and containing a number of listed buildings. Its use as a Fringe venue and home to small businesses has given it a special place in the hearts of local people. As we start to develop plans for its future, we intend to treat Summerhall with respect and consideration for its rich history, with an ongoing commitment to continue supporting the arts on the site.”

Dr Afshar continued: “Following a full legal process, we will be undertaking a structured consultation with stakeholders, planners and the local community to determine the way forward for Summerhall, as we want to develop the best possible plan to achieve a sustainable and commercially viable future.

“We anticipate that this will be a mixed-used plan, but we can confirm that any planning application we make will include allocating a substantial proportion of the space for art, conference, entertainment and public space.”

He added: “AMA is a well-respected Edinburgh family business, with more than 40 years’ experience in delivering award-winning developments in the Capital, including complicated sites such as the former Scottish & Newcastle Brewery and St Vincent Place.

“The redevelopment of Summerhall is a challenge we are very much looking forward to, and we want to reassure Edinburgh residents that we will bring forward a proposal that respects the local surroundings and the existing exceptional architecture, and that it will be carried out to the highest build quality by our professional team.”