AIM-listed developer Blackrock International Land has exchanged contracts to buy the former BBC Scotland broadcasting premises in Glasgow’s West End for £18m.
In joint venture with Applecross Properties and Esk Properties, Blackrock International will apply for planning permission to redevelop the 5.3-acre site on Queen Margaret Drive into an upmarket residential scheme.
An application will shortly be lodged with the local authority, with a decision expected in late 2007.
Carl McCann, chairman of Blackrock, said: ‘We are pleased to have established this joint venture with Applecross and Esk and to have secured this prestigious development opportunity for one of the best sites in Glasgow. This transaction will increase our involvement in the Scottish property market where we already have significant investments.’