Three Scottish malls up for sale, including one set for expansion

Three Scottish malls up for sale, including one set for expansion

A major Edinburgh shopping centre has been put up for sale – less than three months after plans for a major expansion were launched.

Artist impression of Gyle Centre expansion including a new 800-seat cinema were lodged in June
Artist impression of Gyle Shopping Centre expansion including a new 800-seat cinema
Proposals lodged for the Gyle Shopping Centre in June included the construction of a new six screen cinema boasting 800 seats, alongside a ‘food an drink hub’ and extended retail space.

A new “central civic event space” is also included in the plans at the central mall entrance as well as added landscaping and green space.

However, the popular mall, opened in October 1993, is now being marketed with a guide price of £125 million, despite a planned “comprehensive refurbishment” set to update its interior branding.

According to the listing on property website Savills, the centre “enjoys prime central location on the Western side of Edinburgh beside the City bypass and just minutes from the M8 and M9 Motorways.”

The 412,000 sq ft shopping mall was sold to a consortium of Irish investors in 2006 as part of a £225m deal, before being acquired by Cerberus in 2014.

The Bon Accord centre in Aberdeen, home to more than 70 retailers, and Clyde shopping centre in Glasgow have also been offered to potential buyers for £125m and £51m respectively.ly.

Source: Edinburgh News

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