Pillar has exchanged contracts with BT to sell the telecommunications company one-third of its land at Atlantic Quay, Broomielaw, Glasgow, for a new office HQ.
Jonathan Joseph of Bellhouse & Joseph, which is developing the site with Pillar, said that BT is buying a site for a 18,580m2 (200,000 sq ft) turnkey headquarters building.
The deal will redeem all the £4m which Pillar spent on acquiring the whole site.
Pillar is also close to an agreement to buy Fort retail park in Edinburgh from Wilson Bowden and Richardson Developments. The deal is expected to complete at the end of the month
The park will open in September. It has been prelet to strong fashion tenants, which is expected to be reflected in a yield under 6%.
Jones Lang Wootton is advising the Fort retail park vendors, while Savills is acting for Pillar.
