Evergold Property, a Yorkshire-based developer and asset manager, believes that the Postings shopping centre it bought for just £310,000 at an Allsop auction earlier this month, can be revitalised as a retail outlet.
The shopping centre was put up for sale by Columbia Threadneedle with a reserve of just £1. The 80,620 sq ft mall is more than 50% vacant, but Evergold, which is run by Tahir Ali (pictured), believes there is life in the mall yet.
“We are all about adding value to properties, communities and masterplanning sites to ensure the most productive outcomes can be achieved for the local authorities and other partners that we work alongside,” said Ali. “Our aim is to reposition and revitalise this centre to the benefit of the local community.
“There are some attractive units here with an existing footfall averaging 15,000 people per week, and we are already in advanced discussions with various operators for the large unit formerly occupied by Tesco, as well as entering into discussions with prospective tenants offering a range of goods and services that serve the local community.”
He added: “We have had productive discussions with Bill Harvey, BID manager at Kirkcaldy4All, about our shared interest in the promotion of Kirkcaldy town centre as a place where people want to work, shop and spend their leisure time, and have started a positive dialogue with the council about addressing the outstanding issues relating to the rear staircase entrance on Hill Street, which we hope to resolve in the near future.”
The Postings, to be renamed the Kirkcaldy Centre, is situated on a 3-acre site near to the town’s pedestrianised high street. Some 14 of the 21 shops in the centre are currently vacant.
Bilal Ashraf, commercial surveyor at Shepherd Chartered Surveyors, which is advising Evergold, said: “The new owner has brought a fresh new vision to this centre, and we are actively seeking to secure tenants for the vacant units to help revitalise the retail offering in Kirkcaldy city centre.
“The new owner understands the challenges ahead and, with his vision and our expertise in the local and national markets, I am certain we can work together to make the Kirkcaldy Centre a great success.”
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