Blackrock International has teamed up with Applecross Properties in a £24.2m joint venture near
The partners have bought the 15.74-acre campus of Jewel and
Outline planning consent has been granted by Midlothian Council for a residential development of 140 houses on the site.
The purchase agreement provides for an initial payment of £10m on 7 November 2007, with the balance payable on 31 October 2008 – or on vacant possession by the vendor.
It is anticipated that the equity contribution by Blackrock will be less than £4m.
Blackrock has entered a number of joint ventures with Applecross, including the purchase of 300-acres of land on the south side of Edinburgh announced last month, BBC Scotland’s 5.3-acre broadcasting premises in Glasgow’s west end and the 8.82-acre former Edinburgh Fruitmarket to the west of Edinburgh city centre.
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
