£29 million steelworks site sold to build 500 homes

Leading global property consultant, Knight Frank, on behalf of Banks Property Developments has sold a 37-acre site near Bellshill in Lanarkshire for £29 million to develop a residential site of around 500 homes.

The former Clydesdale Steel Works site was sold by Regeneration Specialist, Banks Property Developments to housebuilder, Manor Lane, which is already in the process of building a number of residential developments in the Lanarkshire area.

The site which sits between Bellshill and Mossend, has already been given outline planning consent by North Lanarkshire Council for a residential development of apartments and mixed-style houses.

HJ Banks has spent the past year decontaminating, providing drainage and landscaping the site, in order for construction to commence later this year with the first occupation of homes anticipated in Spring or Summer 2008.

Although the overall site measures to around 64 acres, only 37 acres have been earmarked for residential development, which will include substantial public open spaces and designated play areas.

Andrew Johnston, Head of Residential at Knight Frank in Scotland, said, “This is a significant gain for North Lanarkshire as it will turn an area of land that has been lying vacant for some time into good, quality housing that will help to regenerate this area and attract more people and inward investment.

“We already highlighted that North Lanarkshire would be a hotspot for new-build homes when we released our research into the Scottish residential market earlier this year. The strategic location of Bellshill sitting between Glasgow and Edinburgh, its close proximity to both the M8 and the M74 and excellent local train and bus routes all help to provide a good infrastructure for this exciting new development.”

Colin Anderson, Regional Director at HJ Banks, said, “The Clydesdale Steelworks formed an important part of Lanarkshire’s heritage for many years but the site has been lying in a state of disrepair for some years. The planning permission will enable Manor Lane to develop a thriving new community in an area that was once only home to industry.”

Knight Frank’s report into the Scottish residential market, Smarter Scotland, was issued earlier this year. It outlined that the strategic location of North Lanarkshire, sandwiched between Glasgow and Edinburgh, makes it home to a 27,000-strong commuter population. The area’s relatively low capital values, its high unemployment and steady household grown (3.6 per cent by 2010) means North Lanarkshire equates to one of Scotland’s most affordable locations with strong growth potential.