Dublin-based Blackrock International Land has announced a 50:50 joint venture purchase of 121 hectares of agricultural land on the south side of Edinburgh. Having worked together on the development of two properties in Scotland last year, Blackrock is teaming up again with Applecross Properties and Esk Properties in this new project.

Dublin-based Blackrock International Land has announced a 50:50 joint venture purchase of 121 hectares of agricultural land on the south side of Edinburgh. Having worked together on the development of two properties in Scotland last year, Blackrock is teaming up again with Applecross Properties and Esk Properties in this new project.

Blackrock and Applecross/Esk have agreed to each contribute EUR 3.5 mln towards the EUR 7 mln initial outlay. Located six miles from the city centre and with good transportation links the site has potential for varied development on a market lacking high-quality sites, the Irish company said.

Last year, the joint venture made a EUR 27 mln purchase of BBC Scotland's former broadcasting centre in Glasgow in order to turn the 2.1-hectare site into a mixed residential, hotel and leisure project. The project's value is foecast to be EUR 90 mln. They also purchased 8.82 acres of land formerly occupied by the Edinburgh Fruit Market for EUR 27.8 mln. Set to be a residential project of over 400 apartments the project’s anticipated gross development value exceeds EUR 115 mln.