Waitrose to open new store at Burghmuir Retail Park, Stirling
By Bridging Loan Directory -
Property Funds World has reported that the Stirling Development Agency (SDA), the 50/50 joint venture between Valad and Stirling Council, has secured Waitrose as the anchor tenant at its proposed Burghmuir Retail Park, Stirling.
Having already secured Planning Permission in Principle earlier this year, SDA will submit a detailed planning application in mid-September for a retail scheme of nearly 60,000 sq ft, comprising three units and around 290 car parking spaces. The proposed retail park will be located on the former Burghmuir Industrial Estate, adjacent to Craigs Roundabout and Stirling city centre.
Waitrose has agreed a 25 year lease that includes an option to extend for a further 15 years for a 37,310 sq ft store, of which 25,000 sq ft will be retail floor space. In addition to this letting, Stirling Development Agency is in advanced negotiations with a national retailer for a 15,000 sq ft store and a number of other retailers for the remaining 6,600 sq ft unit.
Andy Richardson, Valad’s Head of Scotland, said:
“We are delighted that Waitrose has selected Burghmuir Retail Park as a location for one of its new stores in Scotland. To have secured such a well-respected supermarket as anchor tenant is an endorsement of both the quality of the location and Stirling Development Agency’s plans to regenerate the site.”
Valad has a local team of 10 asset and development managers working out of its Scottish office, where it manages a number of JVs and portfolios across its funds, including DUKE, V+ UK, The Industrial Trust and The Advantage Property Income Trust.