Dundee retail park launches after £6m expansion
James Keiller Property Developments, the property development, investment and management company based in Dundee, has invested £6 million in the expansion of a Dundee retail park as part of a wider strategy to continue to invest and trade in commercial property on the East Coast.
The 37,500 sq. ft. newly constructed development at Myrekirk Retail Park, in the western suburb of Dundee, was funded by Close Brothers Property Finance, part of the FTSE 250 Close Brothers Group. The scheme, which launched this month, and has been purpose-built for Home Bargains, Greggs and The Card Factory, complementing the existing Asda and Aldi Offering.
The construction of the outlet was overseen by project manager Hardies and undertaken by local contractor Scot Steel, with local supply chains and materials used where possible.
It was built on time and to budget and includes four charging points for electric vehicles.
The launch comes after James Keiller Property Developments has also recently acquired similar commercial sites covering a range of sectors including Office, Industrial, Retail and Residential in the past 12 months.
Blair Morrison, from James Keiller Property Developments, said: “Small retail developments, such as Myrekirk Road, have been pandemic proof because they provide the ideal convenient shopping environment for consumers. This successful expansion provides the consumer with additional choice and most importantly value for money, especially with the current cost of living pressures.
“The current fiscal uncertainty has also led to downward pressure on property values, creating the ideal buying environment for long-term private property investors and developers, such as ourselves. We see a real opportunity for growth in the North East of Scotland and are exploring a number of opportunities across all real estate sectors – most notably we are nearing completion of the refurbishment of the former Bank of Scotland HQ in the centre of the £1 billion Dundee Waterfront Regeneration with new occupiers to be announced shortly.
“We would like to thank the team at Close Brothers for their support on this transaction, we worked closely to overcome some initial challenges and welcomed their flexible approach.”
Ben Honeyman, business development manager, Close Brothers Property Finance, added: “This is our first project with James Keiller, and we’re delighted to be working with the team. Investors and developers are being drawn to out-of-town retail parks because they work well as click-and-collect points or last-mile delivery hubs, as well as a convenient place for consumers to park and shop. From an investment perspective, these types of assets are flexible and low risk.”
The new Myrekirk Road development has created growth opportunities for national retailers in Home Bargains, Greggs Plc and The Card Factory and has created over 150 local jobs.