Capital & Regional (C&R) has formed a joint venture with Pillar Properties to build a £140m shopping park in Glasgow.
The site for the 480,000 sq ft (44,592 sq m) scheme, to be known as Glasgow Fort, is located at junction 10 of the M8 to the east of the city centre.
C&R/Pillar is to build the park at C&R’s 100,000 sq ft (9,290 sq m) Junction 10 retail park and on a further 70 acres (28ha) that it is to buy from the council.
The jv will fund all development costs, which are expected to total £100m.
Retail space will account for 375,000 sq ft (34,837 sq m) of the scheme. Restaurants, a health club and a hotel will account for the rest.
Retailers Next, Boots, WH Smith and Arcadia are all understood to be in talks to take space at Glasgow Fort.
A detailed planning application has now been submitted and work is expected to start on site in the summer.
Completion is scheduled for late 2005.
EGi News 11/01/02
