Glasgow Gait, London Road, Glasgow
Highland Properties formed a Joint Venture with the City of Glasgow Council to reclaim a 24 acre derelict site adjacent to the M74, on the east side of Glasgow. The Partnership was fully funded by Highland Properties and achieved a detailed planning consent for some 395,000 sq. ft. (36,700 sq mtrs) of retail space.
Development of the £15 million first phase was completed ahead of schedule and this 80,000 sq. ft. (7,432 sq mtrs) development is now occupied by the Travis Perkins/Wickes Group. This property is retained as an investment within the Group.
The second phase comprising a further 285,000 sq. ft.(26,500 sq mtrs), has detailed planning consent for a 10,000 sq mtr foodstore plus an innovative Home and Lifestyle Centre which is new to the UK but has been successfully trialed in Europe.
The second phase will have an investment value of some £100 million and is also likely to be retained as an investment within the Group.