Fife councillors Margaret Kennedy, Tony Miklinski and Karen Marjoram took part in the ceremony at the South Road site.

London & Scottish Developments, part of Glasgow-based London & Scottish Property Investment Management (LSPIM), has engaged Muir Construction to build the 47,800-square-foot retail development, as well as 159 car parking spaces.

The retail park will comprise eight retail and leisure units. The largest has been pre-let to anchor tenant B&M, which has taken 23,000 sq ft plus 7,500 sq ft for a garden centre. Other pre-lets have been agreed with Indigo Sun, Burger King and Costa Coffee. The four remaining units are available for rent.

The retail park will create 120 to 140 long-term retail jobs as well as 40 construction jobs during the build and fit-out phases. Muir Construction is currently progressing the groundworks and the build is expected to be completed in November.

Councillor Margaret Kennedy said: “This site has lain vacant for so many years now the community has almost given up hope that it would be developed. I recognise that there are concerns about an edge of town retail development; however, I have been pleased to hear that efforts will be made to engage widely within the town.

“I have sought an assurance of connecting with Cupar Now our Digital Improvement District, and I am sure that there will be a great deal of interest as the development comes to fruition.”

Andy Richardson, group development director at London & Scottish Developments, said: “I am delighted to see construction commence on a site that has lain derelict for so many years. We are pleased to have worked with both Fife Council and Muir Construction to regenerate this disused land to meet modern occupier demands.

“As well as complementing Cupar’s existing retail offer, these new retail and leisure outlets and parking facility will attract shoppers from a catchment area of around 120,000 people into Cupar. It will provide the public with more choice and enhance their overall shopping experience.”