Monday, April 14, 2023
£20m Castle Retail Park set for Stirling go-ahead
Scotland's leading retail developer has been granted planning consent for a £20 million project that will help transform an area of Stirling earmarked for regeneration.
Forrest Developments say the Castle Retail Park in the Raploch area of Scotland's newest city will create 150 jobs, with a possible opening date in the summer of 2009.
Already clothing giant TK Max is committed to renting 50 per cent of the 75,000 square foot development that includes a 25,000 square foot mezzanine level. There is significant interest in the other retail units.
The proposed development, which is adjacent to a Sainsbury's supermarket, will make the area an integrated shopping destination, complementing Stirling town centre's existing facilities.
It is expected that the retail park could open for business next year subject to Ministerial approval.
For Glasgow-based, award winning Forrest Developments Ltd, which was formed seven years ago and enjoys a pre-eminent industry position in out of town retail and leisure developments, the Castle Retail Park deal is only the latest in a series completed over the past 12 months.
"This is a significant, privately-funded chunk of business and one of the few planning consents of its type granted this year," said Donald Stewart, Managing Director, Forrest Developments.
"We have enjoyed great success specialising in out of town retail and leisure developments and we remain committed to that business, committed to investing in the Scottish property market and investing in Scotland.
"The Castle Retail Park is in a regeneration area so our development is being welcomed locally for the range of top quality retail outlets it will attract, for boosting shopping choice and, of course, the job opportunities."
In the past year, the company agreed to a £42.5 million purchase price for its Westfield site close to Murrayfield Stadium in Edinburgh from Hermes Real Estate Investment Managers and it was fully pre-let to Sainsbury's at a rental of £1.68 million
The company bought the Westfield site five years ago for £7 million with the aim of developing a top quality supermarket in this area of the capital, just over a mile west of the city centre.
Last year, it also acquired a site and gained planning consent for a £20 million development of a Sainsbury's supermarket in Dalkeith town centre.
"These were major successful developments, typical of the projects we like to be involved with.
"We have a commitment to - and now a reputation for - creating jobs in the retail outlet sector and we are looking ahead to another busy 12 months," said Donald Stewart.
"We see plenty of opportunities and we intend to capitalise fully."
Forrest Developments say the Castle Retail Park in the Raploch area of Scotland's newest city will create 150 jobs, with a possible opening date in the summer of 2009.
Already clothing giant TK Max is committed to renting 50 per cent of the 75,000 square foot development that includes a 25,000 square foot mezzanine level. There is significant interest in the other retail units.
The proposed development, which is adjacent to a Sainsbury's supermarket, will make the area an integrated shopping destination, complementing Stirling town centre's existing facilities.
It is expected that the retail park could open for business next year subject to Ministerial approval.
For Glasgow-based, award winning Forrest Developments Ltd, which was formed seven years ago and enjoys a pre-eminent industry position in out of town retail and leisure developments, the Castle Retail Park deal is only the latest in a series completed over the past 12 months.
"This is a significant, privately-funded chunk of business and one of the few planning consents of its type granted this year," said Donald Stewart, Managing Director, Forrest Developments.
"We have enjoyed great success specialising in out of town retail and leisure developments and we remain committed to that business, committed to investing in the Scottish property market and investing in Scotland.
"The Castle Retail Park is in a regeneration area so our development is being welcomed locally for the range of top quality retail outlets it will attract, for boosting shopping choice and, of course, the job opportunities."
In the past year, the company agreed to a £42.5 million purchase price for its Westfield site close to Murrayfield Stadium in Edinburgh from Hermes Real Estate Investment Managers and it was fully pre-let to Sainsbury's at a rental of £1.68 million
The company bought the Westfield site five years ago for £7 million with the aim of developing a top quality supermarket in this area of the capital, just over a mile west of the city centre.
Last year, it also acquired a site and gained planning consent for a £20 million development of a Sainsbury's supermarket in Dalkeith town centre.
"These were major successful developments, typical of the projects we like to be involved with.
"We have a commitment to - and now a reputation for - creating jobs in the retail outlet sector and we are looking ahead to another busy 12 months," said Donald Stewart.
"We see plenty of opportunities and we intend to capitalise fully."
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