LONDON & Scottish Developments has pledged to deliver an estimated 2,000 new jobs across ten retail sites it acquired from Tesco last year, by leasing space to the likes of Aldi, Lidl , Home Bargains and Marks & Spencer.
The end value of the 250,000sq ft of retail developments will be more than £100m, reported London & Scottish – whose development director Bryan Wilson said it was a “hugely complex portfolio to deliver”.
Four further Tesco sites acquired in the same deal have been sold on to house builders who will deliver about 300 new homes in Paisley, East Kilbride, Kilmarnock and Coatdyke .
The ten retail development sites are in Crieff, Thurso, Aviemore, Cupar, Cowdenbeath, Dalkeith, Paisley, East Kilbride, Kilmarnock, and Springburn in Glasgow.
About half the sites which originally would have housed a single Tesco store, will feature two or three 20,000sq ft buildings, creating 100 to 120 jobs in each.
The larger sites, including those in Springburn and East Kilbride will have more extensive developments.
At East Kilbride the group hopes to develop 115,000sq ft on the former Tesco site at Redwood Crescent into a mixed retail and residential development, creating more than 250 new jobs in 12 retail units, plus two restaurants with drive through facilities and 98 residential units.
London & Scottish said construction work is on track to start on all ten retail sites early next year, subject to final planning issues being resolved.
The four housing sites are working to a similar timeline.
The company earlier this year confirmed that 200 jobs would be created at a £30m development in Cumbernauld in a separate deal.
Mr Wilson, development director with London & Scottish Developments said: “This has been a hugely complex portfolio to deliver, involving working simultaneously with over a dozen local authorities on a wide variety of planning issues.
“But in many ways it has been one of the most satisfying challenges we have taken on.
“Essentially we are giving some of the country’s biggest retailers access to communities they have identified as key development locations for their businesses, but have been unable access through lack of suitable sites,” he added.
Mr Wilson praised local authorities for their enthusiasm and the will to “make it happen”.
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