Pan-European investment manager Redevco has acquired a development site in Glasgow on behalf of one of its investor clients.
Financial details were not disclosed.
The seller, CBRE Investment Management, has already secured a planning consent for roughly 200 residential units at the plot in 11 Minerva Way.
The 3.24-acre (1.3 ha) site includes a single 45,871 ft2 (4,262 m2) property with a ground and mezzanine floor let to Nuffield Health as a fitness centre.
Tom Hoye, transaction director at Redevco UK, said: 'The redevelopment potential of 11 Minerva Way in Glasgow, perfectly fits our mission to help cities become more sustainable and liveable. In due course we are looking forward to transforming this site into a vibrant residential community and helping contribute towards reducing the housing shortage.'
11 Minerva Way lies in the Finneston area of Glasgow, about a mile (1.5 km) from the central business district and the University of Glasgow campus.
The area has undergone major regeneration in the last decade with the development of multiple residential and student accommodation complexes which has completely transformed the neighbourhood. The site benefits from good accessibility by car and public transport.
