An innovative three-way asset swap has completed in East Dunbartonshire, allowing residential developer Gladedale to acquire a prime town-centre site.
The developer had entered into an agreement with Glasgow University to acquire its St Andrew’s Campus site in Bearsden, despite its fringe location, remediation issues and the lack of consent.
However, a last-minute deal, brokered by lawyers Dundas & Wilson and Ryden, has allowed Gladedale to acquire a prime residential site and the campus to remain an educational facility, as the University had desired.
East Dunbartonshire council was brought into the equation and will now build the new Bearsden Academy on the campus site, whilst Gladedale has acquired the old academy site in the centre of Bearsden for a residential scheme.
The university is gaining an undisclosed sum in compensation from the council.
Dundas & Wilson real estate partner, Darina Kerr, who acted for the University said: “We are delighted to have worked on this key project, which demonstrates how flexibility and joined-up working can facilitate deals tailored to clients’ evolving needs.
“The transaction represents not only a win-win, but a win-win-win for the three parties involved.”
In transpires that the only loser in the equation was the production company that films the hit TV show, Taggart. It has lost the film set where many scenes of the program were recorded.
When the University merged with St Andrew’s College of Education in 1999, the campus was deemed surplus to requirements.
However, a zoning-use clause meant that the site had to be used for educational purposes, if possible.
Ryden also advised the University.
