UK developer Get Living has sold a brownfield development site in Glasgow to a joint venture between Galliard Homes and Apsley House Capital.
The Galliard Apsley Partnership has invested an undisclosed amount to buy the 7.5 acre site which has existing consent to build 821 rental homes and 681 purpose-built student accommodation units.
The site located behind High Street railway station, was the original location of Glasgow University, the Hunterian Museum and later became the goods yard of the City of Glasgow Union Railway Company.
Get Living said the proceeds from the sale will strengthen its balance sheet and allow for recycling of capital within the portfolio.
Get Living chief executive, Rick de Blaby, said: 鈥淭he disposal of the Glasgow site is the result of a review of our development strategy, enabling us to recycle capital into our operational and development assets, within which we have four schemes launching in the next two years.
鈥淲e wish Galliard Apsley Partnership and the city of Glasgow every success in their development of this important site.鈥�
Galliard Apsley Partnership was formed to pursue residential-led developments in Birmingham, Bristol and now Glasgow.
Gerard Nock, chairman of Apsley House Capital, said: 鈥淭hroughout history, the site has played an important part in the development of Glasgow and Merchant City.
鈥淪trategically located and well connected, we will submit a new application that will bring the site back to life and enhance the local area with a design-led urban scheme that provides a mix of tenures, increased connectivity, and high-quality public realm to benefit residents and the public.鈥�
Stephen Conway, CEO and executive chairman of Galliard Homes added that 鈥渢he the site aligns perfectly with our vision of turning urban spaces into thriving communities鈥�.
Conway said: 鈥淭ogether with Apsley House Capital, we are committed to delivering a high-quality, mixed-use development, providing much-needed rental and student housing.鈥�
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