LXB Retail Properties has acquired 118 acres for a retail centre in South East Ayr for £7m.
The Corton site next to the A77 will house a supermarket, stores and 800 flats. It will also provide 17 acres for office space.
LXB will also pay an extra £2m to the vendor John Lynch (Builders), on the signing of a section 75 agreement relating to the grant of a satisfactory planning permission.
The site is part of a strategic land release by South Ayrshire council to facilitate development of up to 2,700 residential units, business and retail space.
John Lynch will work alongside LXB to deliver the planning and infrastructure on the site and other phases of the masterplan.
LXB said it is in advanced negotiations with a major foodstore operator about lease terms for the site.
Tim Walton, chief executive of LXB Manager, said: “South Ayr is an affluent area of Scotland and a foodstore in this location will be a very strong addition to LXB’s portfolio of retail investments.”
joanna.bourke@estatesgazette.com
