A GLASGOW-based property developer has struck a deal with an investment partner to acquire a disused railyard at Haymarket, where it will consider options to participate in the multi-million-pound rejuvenation of the area.

The development arm of London & Scottish Property Managemet has joined forces with GSS Developments to acquire the former goods yard at Haymarket Station for £1.62 million.

The 0.43-acre site is less than two minutes’ walk from Haymarket Station, which has recently undergone a £25m regeneration. That has come alongside a wider transformation of the Haymarket area, where M&G Real Estate is leading a £350 million mixed-use development, and Aviva Investors is planning to demolish Rosebery House and construct a new office block.

London & Scottish noted that the former railyard has planning consent for a 91-bed student housing development, but said a variety of propositions are being considered.

Andy Richardson, group development director at London & Scottish, said: “We are delighted to have exchanged contracts on this site, and through our joint venture, Ladybank Developments, are looking for further opportunities.

“We were attracted to Haymarket Yards because of its prime location in the expanding west end, its excellent communications and its infrastructure. Edinburgh airport is only 15 minutes away and there are excellent rail links to London, Glasgow, and cities on the East Coast Line.

 “Having developed and sold two high-end student residences in Leeds and Sheffield earlier this year for £90m, we saw the potential for this site as purpose-built student accommodation. However, recent developments in the surrounding buildings mean that there may be other attractive uses for the site. We intend to discuss the possible options with Edinburgh City Council in due course.”