Build-to-rent operator Get Living has sold its Glasgow development site to Galliard Apsley Partnership.

The 7.5-acre sitebehind High Street station is earmarked for 821 rental homes and 681 purpose-built student accommodation units.

Get Living put the development on hold last year because of the Scottish Government’s rent control policy and market conditions.

Today the company said the proceeds of the sale will strengthen its balance sheet and allow for effective recycling of capital within the portfolio.

Chief executive, Rick de Blaby, said: “The 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.

“We wish Galliard Apsley Partnership and the city of Glasgow every success in their development of this important site.”

Galliard Apsley Partnership, a joint venture between Galliard Homes and Apsley House Capital focusing on large-scale brownfield regeneration, was formed to pursue residential-led developments in Birmingham, Bristol and now Glasgow.

Chairman Gerard Nock said: “Throughout history, the site has played an important part in the development of Glasgow and Merchant City.

“Strategically 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.”

Stephen Conway, CEO and executive chairman of Galliard Homes, added: “This site aligns perfectly with our vision of turning urban spaces into thriving communities.

“Together with Apsley House Capital, we are committed to delivering a high-quality, mixed-use development, providing much-needed rental and student housing.”