RBS Real Estate Asset Management, the asset management platform for RBS-owned real estate, has sold a seven-acre site at its large-scale mixed use Heartlands development in West Lothian near Edinburgh.

RBS Real Estate Asset Management, the asset management platform for RBS-owned real estate, has sold a seven-acre site at its large-scale mixed use Heartlands development in West Lothian near Edinburgh.

The buyer is UK residential property developer Bellway. Financial details were not disclosed.

The site has been sold with full planning permission for 88 new homes, and will form the second phase of the 2,000 home master-planned new town style development at Heartlands. Bellway has already commenced construction with the launch of its first houses due in mid-February.

In addition, RBS said it has secured planning permission for a 90-acre mixed use development including offices, retail, leisure and industrial uses, and has recently completed the sale of around 27 acres of the Heartlands business park.

The remaining parcels of residential and commercial land will be brought forward for development by RBS and will be marketed to commercial developers and housebuilders, the lender said in a statement.

'RBS is committed to working through its portfolio of land to secure planning for new homes, delivering high-quality residential and commercial developments, and creating sustainable new communities as well as value for our shareholders,' commented Helen Gordon, Global head of RBS Real Estate Asset Management.