Edinburgh, 2015-12-11 — /EPR Retail News/ — Work has begun on the second phase of the £40 million Port Glasgow Retail Park, backed by Ediston Real Estate and Strathclyde Pension Fund.
The partners confirmed a string of household retail brands are lined up to occupy ten new units under construction for their Clydebuilt Fund – creating hundreds of new jobs and adding millions of pounds to the local economy.
The Fund purchased the existing B&Q and Costa Coffee along with adjacent land in September 2014 and is now building a 90,000 sq ft retail terrace, which is expected to be complete in August 2016.
Three units have already been let to global supermarket chain Aldi, B&M and Watt Brothers – with four more already under offer from new retailers, including a high quality fashion operator.
A final phase comprising a further 37,500 sq ft of retail space will commence during 2016, completing the 200,000 sq ft development; which adjoins the established 100,000 sq ft Tesco Extra and Marston’s Family Pub.
The finished development will not only provide the Fund and tens of thousands of pension savers with long-term, secure income, but will complete the regeneration of the Port Glasgow Waterfront and Town Centre development – making it the dominant retail location for the Inverclyde area.
Completing the retail park represents the final step in a 25-year regeneration plan for Inverclyde; which has already seen the remodelling of the town centre; the realignment of the A8, and the development of around 250 new homes.
As well as providing much-needed new retail space, it is anticipated the development will deliver approximately 700 jobs.
It is estimated that around £65 million in potential local retail expenditure is currently lost every year – and the Fund believes this development can reverse that trend and help retain a significant amount of that income in the area.
Alastair Dickie, Development Director at Ediston said: “The site start is a significant step in creating this strategic investment and completing the master plan which was started back in the 1990s. We look forward to announcing further retail tenants which we hope will create a fantastic facility for Inverclyde.”
“This is the first major retail park that has been developed in Scotland since 2008. The response from retailers has been very impressive based on the limited marketing exercise undertaken to date and it underlines the strength of the location. This investment delivers the last piece of the Town Centre redevelopment and the development fits the aims of the fund to deliver excellent returns alongside a regeneration benefit.”
Councillor Paul Rooney, chair of Strathclyde Pension Fund and City Treasurer at Glasgow City Council, said: “I’m positive about seeing more of our members’ savings being invested in the communities in which they work and live – supporting jobs, businesses and regeneration.
“This is why we created the Clydebuilt Fund. For our members, it is a solid investment and the whole development is underpinned by a successful existing operation, including long-term leases to big retail names. However, we are now adding value to that investment in a way that will benefit not only the fund, but also Port Glasgow and Inverclyde.
“The expansion of the retail park will not only be welcomed by local shoppers; it will boost employment and help thousands of local people saving for their retirement.”
Invercyde Council’s Provost, Robert Moran, said: “It is welcome news that work is progressing on this exciting development. It is especially positive that major retailers are seeing Port Glasgow and Inverclyde as a location of choice in which to do business.
“This is a major investment in the area, a boost to the retail offer of Inverclyde and a great opportunity to deliver new jobs to the area.”
SOURCE: Ediston Real Estate
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