Wed, 30 Apr 2014 | BUSINESS SALE
Two shopping centres in the Scottish town of Ayr have been bought out of administration in a multi-million pound deal.
Administrators at Begbies Traynor sold the Kyle Shopping Centre and the nearby Arran Mall, along with an adjacent third site in Carrick Street, to Squarestone, The London-based regeneration and development specialist plans to rejuvenate the site and breathe new life into the town.
The shopping centres and development site were owned by Vallad Europe, but Paul Dounis and Ken Pattullo of Begbies Traynor were called in as joint administrators in June 2013. A sale was completed within 10 weeks of the assets going on the market.
The shopping centres had been trading as normal during the administration. The Kyle Shopping Centre features 30 shop units across 76,000-square-feet of space, including a recently developed food court, while the Arran Mall comprises of 23 units in 42,000-square-feet of space.
Despite being back in London, the 7-acre site is Squarestone’s first UK retail investment. The firm’s previous work in the retail space was in Brazil, although it has done large housing and office projects on home soil.
The two shopping centres in the heart of Ayr present a good opportunity to address the imbalance between supply and demand, Squarestone has said. The company intends to submit plans for the redevelopment later in the year.
Commenting on the news, Paul Dounis of Begbies Traynor said: “This deal is great news for Ayr and we’d like to thank the council for their support in working with us to find a solution that benefits the local community by providing improved amenities and revitalising the local economy, so giving the town a brighter future.”
Robert Sloss, partner at Squarestone, added: "This large site offers a significant regeneration opportunity and the prospect that a prominent part of Ayr, which has seen a serious lack of investment in recent years, will become once again a vibrant community hub.”
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