Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info One of Scotland's top universities is selling its £380,000-a-year principal's plush official residence amid rumours of a financial crisis.
. The sum is close to what it paid for the property in 2013 before giving it a controversial £350,000 makeover. At the time, officials claimed it would be a "long-term investment" but the Sunday Mail understands it is now being sold due to financial pressures.
A report from accountancy giant PwC warned fall-ing international student numbers and rising wage bills have left universities facing a perfect storm. It said 10 of Scotland's 15 universities are at risk of falling into a financial deficit by 2027. A source said: "The principal's townhouse now looks like an extravagant purchase which can no longer be justified.
It's a beautiful property and eye-watering sums were spent on furnishings and renovation at the time. There are a number of other teaching buildings in the city which are being mothballed. "The.
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