Valad Europe has sold 33 acres of land at Darnley Mains, Glasgow, to Bellway and Persimmon for £12.25m.
The site has planning permission for 300 homes and is part of an overall 73 acre development.
The original planning consent for the site included 400,000 sq ft of offices and was subsequently amended to include a pub/restaurant, hotel, car show rooms, neighbourhood centre and 120,000 sq ft of bulky goods retail space.
The site has also been identified by Glasgow City Council as a ‘regionally important location’ for inward investment.
Valad Europe sold the site on behalf of Meridian Developments and the joint receivers of Elementary Property Company.
Meridian Developments has also signed a £6m construction contract with Balfour Beatty to complete infrastructure works on the whole site by May 2015, which Valad will co-ordinate on their behalf.
Andre Richardson, head of UK development for Valad Europe, said: “We have been working on behalf of the stakeholders to recover maximum value from the 73 acre development site since being appointed in 2010.
“With Balfour Beatty now appointed to complete engineering and infrastructure works, further value and certainty has been added to the balance of the site and we are currently exploring opportunities to progress the development, which stands to create 2,000 jobs when completed.”
The rest of the land will be marketed in the autumn.
Valad Europe manages €4.5bn of investment and development assets across its funds and mandates in Europe, comprising 500 assets and 4,000 tenants, managed by local teams in 13 European countries.