Terrace Hill Group said it has formed a joint venture with Lithgows of Port Glasgow, which owns six brownfield sites suitable for housing development in central Scotland.
Achadonn, the new company, will be equally owned by Terrace Hill and Lithgows.
The sites, which were acquired from the Lithgow Group, total 94.2 acres (38.12ha) and are capable of providing 700 homes.
The joint venture will prepare the sites for development by way of planning applications and other preliminary work, with a view to trading the land.
Achadonn and Terrace Hill may develop parts themselves.
Once planning consent is granted the value of the land is estimated to be worth £15m, Terrace Hill said.
Lithgows chairman James Lithgow said: “This joint venture is in line with our group strategy to maximise shareholder value from existing property assets.
“In addition it provides the opportunity for Achadonn to acquire other sites suitable for future redevelopment.”
References: EGi News 12/07/04
