Harper Macleod Advises On £20m Commonwealth Games Land Deals For Progress Property
Leading Scottish commercial law firm Harper Macleod LLP has advised its client Progress Property on two 2014 Commonwealth Games land deals worth £20m, likely to be among the largest and highest profile land deals in Scotland this year.
Development company Progress Property, sold its 7.1 acre site in the East End of Glasgow, required for the Commonwealth Games Athletes' Village, to Glasgow City Council for £17m. As part of the deal, the Council has entered into an Option Agreement with Progress Property to sell for £3m a 4.5 acre site earmarked for the Dalmarnock Village Hotel and Office Park.
Progress Property plans to construct a 175-bedroom hotel and three commercial buildings one of which will include a proposed new headquarters for sportscotland. The development site is immediately adjacent to the National Indoor Sports Arena, Commonwealth Games Velodrome and directly opposite the 2014 Commonwealth Games Village. The development will be carried out in association with Glasgow City Council and designed by award winning and internationally renowned UK architect, Ian Simpson. Ian Simpson is also part of the Dalmarnock Village Limited Partnership, led by Progress Property, which has recently been selected as one of the four bidders to develop the Commonwealth Games Village.
Philip Curle, Partner with Harper Macleod, who led the legal team said, " These high profile deals are undoubtedly fundamental to the regeneration of the East End and the success of the Commonwealth Games. In this challenging real estate market it has been a pleasure to be involved in projects of this importance and I am delighted that Harper Macleod's Real Estate team goes from strength to strength in partnership with our clients.
Charles Price, Managing Director of Progress Property said, "We are delighted to play a leading role in the much need economic redevelopment of the East End. Without Harper Macleod's assistance, I do not think this deal would have been concluded so quickly if at all".
Established in 1988, Harper Macleod has 40 Partners, 115 Fee Earners and a complement of 240 staff. The firm is renowned for its expertise in Real Estate, Public Sector & Housing, Sports, Recoveries, Corporate, Litigation, Banking and Employment and its clients include The Scottish Government, Progress Property Developments Limited, The Child Support Agency in Scotland, The Scottish Premier League, Forestry Commission Scotland, Whitbread, William Hill, BP, Airtricity, Optical Express and Tulloch Homes Group in its impressive list of clients.
