Land Acquisition Adjacent to Southern General Hospital - click to enlarge
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Major Land Acquisition Adjacent to Southern General Hospital
June 2011
In a deal which was concluded effectively off market Silverbank Development Company Limited have acquired approximately 10.5 acres of development land immediately adjacent to the site of the Southern General Hospital, which is currently undergoing a major expansion/rebuilding program. When complete the new South Glasgow Hospital (as it will be called) will be Scotland’s biggest hospital building project, comprising 1,100 adult beds, along with 256 children’s bed, providing maternity, paediatric and acute services all on one site. The total spend is in the region of £842m.
Silverbank Development Company (a JV between City Link Development Company and The Bank of Scotland) are looking to capitalise on the spin off likely to be generated as a result of the hospital redevelopment program.
The site itself has recently been granted a Class 4, 5 & 6 consent of the Town and Country Planning (Use Classes) (Scotland) Order 1997. The Glasgow office of Jones Lang LaSalle acted for the developer in the acquisition, whilst King Struge acted for the seller, Thales, the French owned electronic system manufacturer, specialising in information systems for defence and security aerospace and transportation.
Ronnie McLetchie of developer Silverbank Development Company Limited stated “An opportunity arose to effectively acquire off market a strategic 10 acre site in an area of Glasgow where we have had considerable experience previously, undertaking both bespoke and speculative development. Our previous schemes include Glasgow Business Park on the M8, Citylink Central development in Govan and the Jewson Trade Centre on Helen Street and the Moorpark development on Broomloan Road.”
Neil Cockburn, Head of the Glasgow office of Jones Lang LaSalle who acted for the developer in this acquisition commented “With the scale of the Southern General rebuild there will undoubtedly be unsatisfied requirements to be accommodated on a site which lies within walking distance of the main hospital project. In addition to this, with the proximity of the site to public transport links (in particularly to the new Fastlink route to the City Centre) it ticks lots of boxes that most out of town business parks can only aspire to.”