SIXTY luxury apartments at a troubled waterfront development are being sold in bulk for the bargain price of £8 million.

The unusual sale comes at one section of a controversial multi-million pound redevelopment of the shoreline stretching from Granton to Leith in Edinburgh.

It was claimed the price tag is vastly below the market value. However, high-end estate agents Savills, who are conducting the sale on behalf of the investment company that owns the property, Europa Apartments, insisted yesterday that the flats were being sold at market value.

But one property source said last night the high speculation of such flats would mean prices could range from between £150,000 to £200,000 for a two-bedroom flat and considerably more for a three-bedroom apartment.

The flats are currently being rented out and make about £540,000 a year.

Gordon Munro, Labour councillor for the area, said last night that while the low-cost sale was another blow for the wider district it could also bring the development within the price range of a social housing buyer.

"It has been disappointing what has happened with the waterfront," he said.

"These flats could be sold to a landlord like Port of Leith Housing Association if it had the help from the council.

"It would be another blow if these could not be bought and used by a social landlord."

He added: "There has been some trouble with some flats along the length of the waterfront development. Some are being used as holiday flats and residents have had the fire brigade out after hen and stag parties."

Gerry Rooney, of Platinum Point Owners Association, said last night a transfer to such a holiday home firm would not be welcome.

He said: "If it transfers to another corporate entity like Europa then we would have no strong views.

"We would have a concern if it were to go to a company that ran hen nights and stag parties."

The sale includes 29 two-bedroom flats at Anchor, and 31 at Platinum Point, 27 of which are two-bedroom apartments and four three-bedroom apartments.

Every apartment has a parking space within a secure underground car park and owners have access to communal courtyard areas.

A spokesman for Savills said there has already been interest shown in the flats.

Savills said: "Platinum Point at Western Harbour and Anchor at Granton Marina are located in prime positions along Edinburgh's Waterfront. The area boasts major employers including the Scottish Executive and Telford College.

"Existing amenities are abundant in Leith, which is home to Ocean Terminal Shopping Centre along with the Royal Yacht Britannia museum, David Lloyd sports centre, a multi-screen cinema and a plethora of bars, bistros and restaurants. A new Asda supermarket is located within five minutes of both locations.

"Furthermore, there are two local yacht clubs, with the Royal Forth Yacht Club being immediately adjacent to the Anchor apartments."

Developments along Edinburgh waterfront have been beset by problems, including the shelving of a tram service to Granton and the recession.

Seven years ago, the £300m masterplan for the area included 3000 apartments and more than 23,000 square metres of commercial and business space created.

Cafes, shops and restaurants were also to line a canal passing through the middle of the scheme at that stage.

It is not the only such regeneration project to be scaled back after the economic downturn.

In Glasgow, Australian tycoon Rodney Price's multi-million pound plans to transform the waterfront were scrapped more than two years ago after the developer went bankrupt, with a further proposal also folding because of the recession.