The 2.3 acre landmark site in the town's Cambuslang Road was purchased by Exchange Court Properties, the six figure price reflecting the substantial costs involved in remediating and preparing the site for development.
Rentokil vacated the laundry in 2004 and the site was cleared after the 100 year old buildings were declared dangerous. In its heyday the Richmond Park Laundry was claimed to be Britain’s largest single employing laundry and with over 1000 workers served large swathes of Lanarkshire and Glasgow city centre.
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FG Burnett held an informal closing date after an autumn marketing period and selected Exchange Court Properties on the basis that they were prepared to purchase the site quickly in full knowledge of contamination issues and without planning consent.
Exchange Court Properties intend to assess future demand and work up an appropriate development solution. The site is prominently located close to Rutherglen town centre and it is very close to the junction of the new M74 motorway link.
FG Burnett director Gavin Smith advised the vendor while Chris Ditchfield of Ditchfield Property acted for Exchange Court Properties.
Gavin Smith, said: "Lawyers for both the vendor and purchaser were fully skilled in current environmental legislation which was a great benefit in working quickly and commercially to conclude the sale before the end of Rentokil’s financial year."
Chris Ditchfield added: "My client is a successful property investor and has lived in Cambuslang all his life so when the opportunity arose we made a quick move to secure the purchase. We have no immediate plans for the site but will work on planning and remediation."
Brian Aitken of Peterkins acted as legal agent for Rentokil while Kenneth McLaren of Maclay Murray & Spens advised the purchaser.
(GK/JM)
