2nd October 2014

Clydebuilt launches with first acquisition

Ediston Real Estate and Strathclyde Pension Fund have made their first acquisition for their new Clydebuilt Fund. The purchase of Gallagher Shopping Park in Port Glasgow, for an undisclosed sum, provides the Fund with a secure income producing retail investment and the opportunity to develop a dominant retail park for the Inverclyde area.

The investment is 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 road, the development of hundreds of homes, a Tesco Extra food store and the recent development of a B & Q Warehouse, Costa Drive-Thru and Marston’s Public House/Restaurant.

The property comprises the B & Q and Costa Coffee building and the adjacent land on which there is detailed planning consent for a further 200,000 sq. ft. of retail warehouse accommodation. Detailed discussions are under way with a number of retailers for the new space. When completed the whole project would result in an investment in excess of £30m with delivery of much needed new retail space and a significant number of new jobs.

Alastair Dickie, Development Director of Ediston said “we are delighted with the acquisition which secures long term income for the Fund and also provides a development opportunity for which significant retailer demand exists. Discussions have started for potential occupiers. The retail park will be the final piece in the town centre redevelopment and the acquisition fits well with the aim of the Fund, to deliver excellent returns alongside a regeneration benefit”.

Gallagher Developments worked on this project over the past 25 years, assembling and remediating the site and constructing the roads, industrial units, housing, Tesco Extra food store and the B & Q/Costa investments. Mark Edwards, Managing Director of Gallagher Developments said “we have worked and delivered this regeneration project over a considerable period of time and this asset has performed tremendously for us. We wish Clydebuilt every success with their acquisition of this retail park and we are delighted that the regeneration of Inverclyde will continue in conjunction with stakeholders who have a vested interest in the enhancement of the area for the benefit of the local community. We are sure that its performance will continue to go from strength to strength.