The founder of a Scottish property group is to pocket more than £11m by selling the stock market-listed business to an Australian firm for £171m.

Former solicitor David Lockhart has turned 16-year-old Halladale from a one-man operation run from rented premises in Gordon Street, Glasgow, into one of the sector's fastest-growing companies, with offices in Glasgow, Edinburgh and London.

Mr Lockhart is the biggest individual shareholder with five million shares worth £11.3m. He also has share options to cash in.

Expansion of the group began in earnest in the mid-1990s with investment from venture capital firm 3i. It listed on the London junior stockmarket AIM in 2001 and its value has soared from £10m to £171m - which Stockland, Australia's biggest housing developer, has agreed to pay.

Halladale has almost £1bn of assets under management. More than half of its property portfolio comprises offices, mainly in London and south-east England. The firm also has a fund management arm.

Halladale has 32 staff in Glasgow and Edinburgh and a further 10 in London. There will be no job losses.

Mr Lockhart, chief executive, will become executive chairman and property director Ken Lindsay will become joint managing director.

Mr Lockhart said: "The board of Halladale is delighted to recommend the acquisition of the company by Stockland. This is a significant opportunity."

He added: "We believe the acquisition is in the long-term interests of Halladale."

Matthew Quinn, managing director of Stockland, said: "We are excited about this first step in our expansion strategy in the UK."

David Lockhart, a qualified chartered accountant and solicitor, practised as a family lawyer until 1981 when he resigned to found Caltrust, a Scottish property development company.

Caltrust was acquired in 1987 by Sheraton Securities International, after which Lockhart served as managing director of the newly formed Sheraton Caltrust until 1990.

Stockland's offer of £2.25 per share in cash represents a premium of 34% over Tuesday's closing price of 168p.

Halladale's directors, who together have 10.6% of the shares, have recommended that institutional investors accept the offer.

This appears to be a formality, with acceptances already received in respect of nearly 45% of the stock.

The deal is expected to be completed in April, after which Halladale will de-list. Some 75% of shares need to be voted in favour for the takeover to become unconditional.

Lockhart's good fortune will not assuage concern about the growing attrition rate among Scotland's dwindling band of quoted companies.

Halladale is the third Scots company poised to disappear from the stock exchange screens amid a bullish market for mergers and acquisitions.

ScottishPower is expected to be taken over by Spain's Iberdrola, while sausage-skin maker Devro is also the subject of a takeover offer, which is thought to be from Irish investor and racehorse tycoon John Magnier.