Development deal

Summix Capital acquires derelict city site

2 Central Quay
Central Quay is close to fashionable Finnieston

Property developer Summix Capital has acquired a waterside development site in Glasgow where it recently announced plans for a mix of homes, student accommodation and offices.

The prime brownfield plot includes an office building at 2 Central Quay, as well as a neighbouring 4.43-acre development site. The vendor is XLB.

Located between the city centre and the west end, the site is immediately adjacent to Finnieston, one of Glasgow’s fastest-growing districts.

The 79,327 sq. ft. office building has a ground floor and three upper floors and covers around two acres. NHS Education for Scotland currently occupies part of the building.

Summix Capital last month revealed plans for 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, has 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, which is 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, 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: “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 initial sale of XLB’s waterfront site to Platform_ has helped unlock the development opportunity for the remainder of the site for Summix.”

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