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Pillar And Capital & Regional Plan 475,000-SF Glasgow Retail Scheme

GLASGOW-Plans have been unveiled for Scotland's biggest-ever shopping park. Pillar Property and Capital & Regional plan to develop the 475,000-sf Glasgow Fort scheme as a joint venture.

By Graham Parker | Updated on January 11, 2002

GLASGOW-Specialist retail investors Capital & Regional and Pillar Property have joined forces to develop Glasgow’s first open A1 shopping park. They have outline planning permission for a 475,000-sf scheme at Junction 10 of the M8 motorway, five miles to the east of Glasgow city centre.

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.

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