Yorkshire-based property investor Evergold has set out plans to demolish the Postings Shopping Centre in Kirkcaldy for a new £50m residential regeneration scheme.
The shopping centre was put up for auction by Columbia Threadneedle for just £1 three years ago, as previously reported by EG. Evergold, which is run by Tahir Ali, bought the mall for £320,000.
Evergold said the derelict 80,620 sq ft mall, which sits on a three-acre town centre site, has been repeatedly ransacked and vandalised in recent months.
The investor plans to sell the site to a large developer once demolition is complete. Proposals include up to 300 flats interlinked with green walkways.
Ali has bought several properties along the high street over the past two years to enable demolition. Those have included the Bank of Scotland and the large New Look and former Debenhams buildings.
While the closed former Debenhams store was revamped and temporarily re-opened as Fife Department Store a year ago, it will be closed on 30 October to allow demolition works to proceed.
“No one could have predicted how radically the world would change within a year of purchasing the Postings Shopping Centre at auction in 2019,” said Ali.
“Even though we had a number of exciting deals in the pipeline with an independent supermarket chain and state of the art cinema operation in the former Tesco unit, the Covid pandemic put an abrupt end to those plans. This prompted us to reconsider the site with a fresh approach.
“Covid taught me the need to remain dynamic and flexible with property projects, and that agility, coupled with support from Fife Council and local councillors, has enabled us to radically rethink the proposition.
“Coupled with ongoing developments along the picturesque Esplanade and Merchants Quarter in Kirkcaldy town centre, our redevelopment in the heart of Kirkcaldy should help attract other investors to progress their own plans for restaurants, more national chains, cinemas, hotels and other potential developments that will help revitalise and regenerate the town centre and attract more people back to the area as a place to live, work and play.”
Greg Limb of Ryden has been advising Evergold on the regeneration scheme for more than two years.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
