A joint venture between Drum Property Group and Stamford Property Investments has bought the Candleriggs Quarter development site, at Glasgow’s Merchant City.
It is understood the price tag on the site was around £20m.
The joint venture will develop a mixed-use site, which has been derelict for more than a decade. It has existing consent for around 850,000 sq ft of residential, student accommodation, hotel and commercial space.
Graeme Bone, group managing director of Drum Property Group, said: “Securing Candleriggs Quarter provides an exciting opportunity to transform this neglected part of the city centre and complete the regeneration of Merchant City.
“We are looking forward to preparing proposals for a sensitive mixed-use development that will have a variety of high-quality residential accommodation and amenities at its heart.”
Uri Goldberg, managing director of Stamford Property Investments, said: “Candleriggs Quarter offers an unprecedented regeneration opportunity and we are excited to deliver a high-quality mixed-use development.”
The scheme was one of seven rental sites in Inhabit’s £1bn, 3,300-home portfolio, which was quietly put up for sale in December after discussions with Greystar collapsed.
Dougray Smith, which has been marketing the Scottish properties, advised on the sale.
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