A MYSTERY buyer is believed to have agreed a deal to purchase an under-threat Georgian landmark in Edinburgh.

The Church of Scotland is understood to have accepted a deal worth in excess of £500,000 for the former St Stephen's Church, an A-listed building in the capital's New Town.

An unnamed philanthropist, who is in the final stages of finalising the deal, wants to retain the venue for community use and use it as a performing arts space, the Kirk's selling agents said.

David Reid, an associate at Rettie, which is handling the sale, said: "The Church of Scotland discussed the various offers for the building earlier this year and agreed to accept the highest offer.

"We cannot name the successful bidder at the moment, until the sale has been completely finalised, but it is a private individual who has a philanthropic charitable trust."

St Stephen's Playfair Trust, which had been set up to try to buy the deteriorating building, had set out plans for a long-term refurbishment and restoration.

Architect James Simpson, spokesman for the Trust, said its members were very disappointed to miss out.

The St Stephen's Church building, designed by William Henry Playfair, includes a 160ft tower, the longest clock pendulum in Europe and is hailed as one of Edinburgh New Town's architectural gems.