The scheme will be known as the Glasgow Fort, and it will form part of the wider redevelopment of the 90-acre Auchinlea Park site. Glasgow City Council has already granted consent for a 130,000-sf food store on adjoining land.
To kick-start the project, Capital & Regional is contributing its existing 100,000-sf Junction 10 Retail Park, valued at £15.7 million ($22.5 million) and both Capital & Regional and Pillar have each committed £6 million ($8.5 million) Loan finance has been arranged with Barclays Bank.
Detailed planning permission is expected in Spring 2002, and the park will be developed in phases with 375,000 sf of retail space with ancillary restaurants, health club and hotel, due for completion by mid 2004. The whole scheme is due to be completed by late 2005. Letting agents Montagu Evans, Fisher Wilson and Harvey Spack Field have already started pre-marketing of the scheme, and report strong tenant interest.
Capital & Regional Executive Director Andrew Lewis-Pratt said the Junction 10 retail park, acquired in 1997, was always thought of as the gateway to a larger scheme. 'We have successfully obtained planning consent for a major shopping and leisure park, rather than a traditional retail park which was our original intention,' he said.
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