The deal, which will be complete upon receipt of satisfactory planning consent, will eventually see AMA acquire the Summerhall complex from its current owner Oesselmann Estate Limited, and sensitively develop it for the future.

A representative from Oesselmann Estate Limited said: “We are continuing to work closely with AMA to hand over ownership of Summerhall following a successful planning outcome. AMA has committed to creating a mixed-use space with a continued arts use that will truly enliven the fabric of the local community.”

Stephen Kay, director of capital markets at CuthbertWhite, the independent commercial property consultants managing the transaction, added: “We are pleased to have secured agreement with Scot Art to manage the iconic Summerhall arts and entertainment venue. Within this process, Scot Art, alongside subtenant Summerhall Arts, have signed leases for the continued use of Summerhall for a minimum of three years.”

The transaction was supported by Gavin Thain of Anderson Strathern, who acted for Oesselmann Estate Limited, and by Neil Gordon of EYCO and Kenny Irons of Gillespie Macandrew, who advised AMA.

AMA will now embark on a rigorous public and planning consultation period to determine the future use of the site and hopes to lodge a planning application within the next 12 months.

Dr Ali Afshar, co-founder and managing director of AMA, concluded: “As a family-owned, Edinburgh-based company, we understand how deeply valued Summerhall is to the community here, and as its future custodian we will protect its historic legacy and forge a bright future for the estate. Having now formally entered a contract to acquire Summerhall, we will begin to consider the next steps to shape its plans for the future. In the coming months, we will begin to undertake consultations with the local community and the City of Edinburgh Council.

“We anticipate that this consultation period will take a considerable time as we prepare to lodge a planning application, given Summerhall is a highly sensitive site. This lengthy period will enable us all to agree a way forward. The redevelopment will be critical to maintaining the integrity of Summerhall and the fabric of its buildings, many of which are significantly underused, protecting them for the long term.

“We foresee that the result will be a mixed-use development, including both living and commercial space, while providing a facility to sustainably continue the provision of the arts. Our aim is to build a legacy that we can all be proud of, and we want to assure all parties that our guiding principle will be a commitment to creating a high-quality redevelopment for the benefit of all.”

Those who would like to keep updated with the future plans for Summerhall are invited to register at AMA@building-relations.co.uk. They will be able to receive regular updates and have the opportunity to feed into any proposals.