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Wednesday, April 25, 2023

17 million Lanarkshire site sold for residential development

Leading global property consultant, Knight Frank has sold a 32-acre site in Coatbridge for 17 million to Barratt West Scotland on behalf of its client, HJ Banks.

The site which was on the former Castle Cement Works, just north of Coatbridge town centre, has been given outline planning consent for a residential development of 262 units by North Lanarkshire Council.

The Castle development has been cleared and prepared for development and is situated between Hollandhurst Road and Coltswood Road with playing fields and local authority housing to the south of the site.

The site has been sold subject to Barratt West Scotland entering into a Section 75 Agreement to deal with a number of off site road and education issues, which include the provision of two mini roundabouts and a footpath. The development will be accessed by the formation of a new roundabout off Coltswood Road, for which a Roads Construction Consent has been submitted.

The new sale comes on the back of Knight Frank's recently published review of residential development in Scotland - Smarter Scotland - which highlighted North Lanarkshire as a future hotspot for new-build homes.

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 equate to one of Scotland's most affordable locations with strong growth potential.

Andrew Johnston, Partner at Knight Frank in Scotland, said, "North Lanarkshire in general is an attractive area for the housebuilder as there are more people commuting into the city and the area has relatively low capital values. This site in particular is close to Coatbridge town centre, which offers a variety of amenities, including train stations, bus routes and good transport links to the M8 and M80.

"The site itself is in a mixed-use area with an existing residential and industrial area. It is also close to a significant area of countryside which, together with its close proximity to the town centre, will be attractive to any housebuyer."