Property developer Summix Capital has announced the purchase of one of the most exciting development sites in Glasgow from XLB
The prime brownfield site includes a current office building at 2 Central Quay, as well as a neighbouring 4.43-acre development site.
Ideally located between the city centre and the west end, the development site is well-placed, being immediately adjacent to Finnieston, one of Glasgow’s fastest-growing districts, and will serve to regenerate the brownfield site.
The 79,327 sq. ft. office building is arranged over a ground and three upper floors and covers around 2 acres. NHS Education for Scotland currently occupy part of the building, so there is potential for other occupiers.
Summix Capital has revealed exciting plans 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, in conjunction with land to the south, benefits from planning permission in principle for a mixed-use development obtained in 2018 by XLB. This includes offices, residential, hotel, and associated ground floor commercial uses with access, parking, landscaping and associated works.
The southern parcel of land was sold separately by XLB to Platform_ in 2018, who are currently constructing 498 build-to-rent (BTR) apartments. The building recently marked its topping out and comprises four blocks, one of which, at 20 storeys, is one of Glasgow’s tallest buildings.
Will Scarlett from Scarlett Land and Development Ltd and Drew Wallace from DLA Piper acted for Summix Capital in the site purchase, while Douglas Wood of Avison Young and Audrey Harrow from Burness Paull acted for XLB as the vendor.
Stuart Black from Summix commented:
“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.”
Commenting on the site purchase Will Scarlett said:
“We are delighted to have acted as agents for Summix in 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, acting for the vendor, commented:
“The site is an outstanding development prospect for Summix and we are pleased to have acted for XLB in 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.”
About Summix Capital
Summix is a property company specialising in development projects across the UK and Ireland. Working with its partners, it has successfully delivered thousands of homes in the UK and Ireland since its foundation in 2006.
It works closely with sector specialists across the property space, unlocking the sites it needs, including those that are harder to develop, and helping speed up what can often be a long process from conception to delivery. This ensures that housing, student accommodation and mixed-use schemes are delivered where they are most needed.
Its vision for regeneration involves taking on the most challenging sites, ranging from vacant possession to dormant, dilapidated structures and developing a viable plan for their redevelopment and repurposing. At a time when the demand for housing far outstrips supply, a steady flow of land is essential.
In 2017, the Summix Capital Partners I LP fund was launched to further enhance its ability to deliver larger and more complex projects.
Further information about Summix is available at: https://summix.com/