The sale is valued at £1m and will see a substantial soft play and leisure facility constructed in its place.
The council has also agreed to set aside £125k to fund swimming programmes for primary children in the city now that the premises has been sold.
The decision was made at a meeting of the City of Edinburgh Council where they considered two reports – one on the potential sale of Leith Waterworld and one containing an update on the progress of the community bid.
A&G Property Group have offered to purchase Leith Waterworld for £1m from the Council. They also propose to spend a further £1.3m on refurbishing the site.
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Culture and Sport Convener, Councillor Richard Lewis said: "This has been a very difficult decision and one that this Council does not take lightly. Firstly I’d like to thank Splashback for the work and commitment they have demonstrated in progressing the community bid.
"However this coalition feels that the potential purchaser will create a high quality leisure facility that will greatly benefit the community in Leith and the wider Edinburgh area.
"In recognition of Splashback’s commitment to creating affordable and accessible swimming opportunities for young people in the community, we’re committing £125,000 towards free swimming for primary aged children in Edinburgh.
"Ultimately this option ensures that the community in Leith has an accessible leisure facility for many years to come, that swimming opportunities are available and also that the Council gets best value for the taxpayers of Edinburgh."
Leith Waterworld was Edinburgh's only swimming pool with flumes. The site closed in January 2012 and at the time was making annual losses of around £350k. It was also in need of £2m worth of restoration and repairs.
(JP/CD)
