The one-acre site, formerly occupied by a nursing home has been vacant for a number of years and sits directly opposite the new ASDA superstore which is due for completion in 2013.
The cash acquisition will be developed speculatively by the entrepreneurial city centre based company and forms part of its retained investment holdings.
Gallan Director, Paul Garry said: “It is typical of sites we are looking to acquire with cash from our investment portfolio.”
In the past 12 months, Gallan has agreed speculative schemes with West Midlands Police and the Homes and Communities Agency in London. These follow hot-on-the-heels of more than £40m worth of sales elsewhere within the Group portfolio.
Paul Garry added: “Whilst we plan to develop the site speculatively, we are confident that its prominent position will attract considerable pre-let interest from retail and leisure occupiers which will be incorporated into comprehensive development plans for the site.”