Property investment firm targets 14 vacant Scottish Tesco sites

A property management, investment and development company has announced plans to regenerate dormant sites across Scotland, deliver over 300 new home in the process.

London & Scottish Developments (L&SD) will breathe new life into 14 vacant Tesco sites it acquired last year, four of which have been sold on to housebuilders who will deliver the new homes.

The sites are in Paisley, East Kilbride, Kilmarnock and Coatdyke which lies between Airdrie and Coatbridge.

Construction work is on track to start on the sites early next year, subject to final planning issues being resolved with the relevant local authorities.

The remaining ten sites will deliver a total of a quarter of a million square feet of retail shopping space and create 2,000 new jobs.

The ten retail development sites are in Crieff, Thurso, Aviemore, Cupar, Cowdenbeath, Dalkeith, Paisley East Kilbride, Kilmarnock, and Springburn in Glasgow. L&SD said the sites will be let to some of the biggest names on the High Street, including Aldi, Lidl, M&S, Home Bargains and one of the big four supermarket chains.

The end value of these retail developments will be over £100 million.

Bryan Wilson, development director of London & Scottish Developments, said: “This has been a hugely complex portfolio to deliver, involving working simultaneously with over a dozen local authorities on a wide variety of planning issues.

“But in many ways it has been one of the most satisfying challenges we have taken on.

‘Essentially we are giving some of the country’s biggest retailers access to communities they have identified as key development locations for their businesses, but have been unable access through lack of suitable sites.

“At the same time we are meeting the aspirations of local communities for big brand name retailers on their doorstep.

“We are also helping deliver new homes in key areas where our house building partners have identified supply failing to keep pace with the demands of would be buyers.”

Mr Wilson added: “We have been delighted with the enthusiasm and the will to ‘make it happen’ with which local authorities up and down the countries and their communities have met out proposals.”

In Crieff, which is typical of roughly half of the retail sites, L&SD plans to replace the original proposals for a single Tesco supermarket with two or three ‘neighbourhood store’ sized buildings of around 20,000 square feet, creating 100 to 120 new jobs each.

The larger sites, including Springburn and East Kilbride will have more extensive developments as befits their size.

At East Kilbride, L&SD hopes to develop 115,000 sq ft of space on the former Tesco site at Redwood Crescent into a mixed retail and residential development, creating more than 250 new jobs in 12 retail units, plus two restaurant of 3,500 square feet, each with drive through facilities and 98 residential units.

Bryan Wilson added: “These are exciting times for London & Scottish Developments and the communities and retailers we are bringing together, but of course we are working on other portfolios, and always on the lookout for more opportunities.”