Summix Capital has purchased a development site in Glasgow from XLB for an undisclosed price. The brownfield site at 2 Central Quay includes a 79,327 sq ft office building (pictured), partly occupied by NHS Education for Scotland, and 4.43-acres of neighbouring development land.
Summix Capital intends to deliver a development that includes private for-sale residential dwellings with family housing, affordable flexible office space and purpose-built student accommodation, with the provision of commercial space on the ground floor.
The site benefits from planning permission in principle for a mixed-use development obtained by XLB in 2018. On a southern parcel of land adjacent to the site, Platform_ is currently constructing 498 BTR apartments having bought the land from XLB in 2018.
Summix’s Stuart Black said: “This is a great opportunity to redevelop a prominent site at Central Quay, one of the last major pieces of brownfield land in the city. It provides us with the opportunity to progress our proposals for an exciting mixed-use development, delivering homes, employment and investment into Glasgow.
“Central Quay is excellently located, being immediately adjacent to Finnieston, one of Glasgow’s fastest growing neighbourhoods and is prominently positioned at the gateway to the city centre. We look forward to engaging with the community on our proposals for this in due course.”
Will Scarlett, from Scarlett Land and Development, who along with DLA Piper acted for Summix, said: “We are delighted to have acted as agents for Summix on the purchase of what is one of the most exciting development prospects in Glasgow. Large scale prime sites such as this rarely come to the market in the city and this one has lain derelict for a considerable period of time. Its redevelopment by Summix will be a welcome addition to the community.”
Douglas Wood of Avison Young, who along with Burness Paull acted for the vendor, added: “The site is an outstanding development prospect for Summix and we are pleased to have acted for XLB on the sale of it. The initial sale of XLB’s waterfront site to Platform_ has helped unlock the development opportunity for the remainder of the site for Summix. Avison Young is pleased to have played our part in the regeneration of this important part of the city and we look forward to seeing Summix’s plans develop for the site.”
