The Fund has secured pre-lettings with Aldi, B & M and Watt Brothers and are under offer on 4 other units with a number of exciting new retailers for the area, which includes a high quality fashion operator.
A final phase comprising 37,500 sq. ft. of retail space will commence during 2016 and will complete the 200,000 sq. ft., £40 million retail warehouse investment, adjoining the 100,000 sq. ft. Tesco Extra and Marston’s Family Pub.
The completed development will provide the Fund with long term secure income and will complete the regeneration of the Port Glasgow Waterfront and Town Centre development which will become the dominant retail location for the Inverclyde area.
The Fund purchased the B&Q and Costa Coffee investment and adjacent land in September 2014 and amended the retail consent to town centre status to allow for the introduction of food sales.
The development will be the final piece of a 25-year regeneration plan for Inverclyde which has seen the remodelling of the town centre, the realignment of the A8 and the development of approximately 250 homes, the Tesco Extra food store and the more recent development of the B&Q Warehouse, Costa coffee drive-thru’ outlet and the Marston pub/restaurant.
The development will provide the associated benefits of creating much needed new retail space and approximately 700 jobs. It is estimated that there is currently over £65 million of leaked retail expenditure from the area and it is hope that this development will reverse that trend and retain a significant amount of that income locally.
Alastair Dickie, Development Director at Ediston said: “We are delighted to be on site after acquiring this strategic investment and development opportunity and completing the master plan which was started back in the 1990s. I look forward to announcing further retail tenants in due course and this will be a fantastic facility for Inverclyde and secure long term income for the Fund.
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 acquisition fits the aims of the fund to deliver excellent returns alongside a regeneration benefit. The potential jobs I am sure will also be welcomed locally.”