The commercial property team at leading independent Scottish law firm Tods Murray has acted for Harworth Estates on the Scottish aspects of a £10m transaction with housebuilder Taylor Wimpey which could see over 1000 homes being built across Scotland within the next decade.

As part of the deal, Taylor Wimpey purchased a portfolio of Scottish estates consisting of 240 acres of land spread across three sites in Fife and the central belt.

Following a competitive bid which saw Taylor Wimpey fight off strong competition from many other bidders, two of the sites – Markinch, Fife and Cowie, Stirling - are earmarked for residential use, whereas a greenfield site at Oakley, close to Dunfermline, looks set to become a mixed use development.

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Tods Murray associate Scott Logan and partner Susie Thornton, who are members of Tods Murray’s planning and development team, worked on the deal.

Scott, who specialises in development work, said: “We were delighted to act for Harworth Estates in what could potentially see an additional 1000 new homes being built across Scotland. The high number of bidders, in particular the winning bid, demonstrates that confidence is beginning to return to the property market.”

The deal between Harworth Estates and Taylor Wimpey, which includes 13 sites in England, could also see an additional 3000 homes being built across England on over 520 acres of land within the next 10 years.

Owen Michaelson, managing director for Harworth Estates, said: “Over 15 bids were received for the portfolio and this deal demonstrates that Harworth Estates is delivering on its own business strategy. The sale has been agreed amidst strong market interest in our property portfolio, some of which is currently being marketed as part of an ongoing strategy to release value.”

(GK)