Blackrock International Land has bought a 15 acre site south of Edinburgh, Scotland in a joint venture with Applecross Properties for £24.2m.

The 50:50 joint venture bought the campus of Jewel and Esk Valley College which is is located at Eskbank, the western suburb of Dalkeith. Midlothian Council has granted outline planning consent for a residential development of 140 houses on the site.

Deferred payment

The purchase agreement includes an initial payment of £10m tomorrow with the balance payable on 31 October next year, or the provision of vacant possession by the vendor, whichever is later. Blackrock’s equity contribution will be less than £4m.

It is not the first time Blackrock has teamed up with Applecross – last month the joint venture bought 300 acres of land on the south side of Edinburgh. They have also bought BBC Scotland’s 5 acre broadcasting premises in Glasgow’s west and the 9 acre former Edinburgh Fruitmarket to the west of Edinburgh city centre.

Strong residential market

Blackrock managing director Robert Knox, said: ‘The Scottish residential market remains strong and these lands are ideally located to serve the demand for high quality housing within a short commuting distance of Edinburgh city centre.'