Valad Europe has sold 33 acres of land at Darnley Mains near Glasgow, on behalf of the Directors of Meridian Developments Ltd and the Joint Receivers of Elementary Property Company, to Bellway and Persimmon for £12.25m.

The 33 acre site has planning permission for 300 homes and is part of an overall 73 acre development. The original planning consent included 400,000 sq ft of offices and was subsequently successfully amended to include a pub/restaurant, hotel, car show rooms, Neighbourhood Centre and 120,000 sq ft of Bulky Goods retail space.

Andrew Richardson, Head of UK Development for Valad Europe, said: "We have been working on behalf of the stakeholders to recover maximum value from the 73 acre development site since being appointed in 2010. We have amended the planning consent to include a better mix of use and are progressing with our strategy to sell-off parts of the site to expert buyers in order to maximise value."

Meridian Developments has also signed a £6 million construction contract with Balfour Beatty to complete infrastructure works on the whole site by May 2015, which Valad will co-ordinate on their behalf.

Richardson continued: "Securing a purchaser to develop the 300 homes is a major step in this strategy and will also provide much needed housing for the surrounding area. With Balfour Beatty now appointed to complete engineering and infrastructure works, further value and certainty has been added to the balance of the site and we are currently exploring opportunities to progress the development, which stands to create 2,000 jobs when completed."

The site has been identified by Glasgow City Council as a Regionally Important Location for inward investment.