The circa 1m sq ft EK, East Kilbride shopping centre in Scotland has been put up for sale by administrators Interpath Advisory.
The development comprises a series of malls and is anchored by Primark, JD Sports and Odeon Luxe.
Over the last two years, Scoop – asset managers to Interpath – has stabilised the asset and has worked closely with South Lanarkshire Council, which has approved a £62.2m, 10-year masterplan that will radically transform the shopping and leisure destination into a mixed-use urban environment.
As part of the redevelopment, the neighbouring Centre West Shopping Centre will be converted into a housing development, providing up to 400 new homes in the heart of the town.
Mark Hewett, partner at Scoop AM LLP, said: “This represents a rare opportunity to acquire a major regional scheme and site, with the ability to collaborate with the local authority on a transformative scheme and town that holds immense potential to generate substantial value for the local community.”
Alistair McAlinden, head of Interpath Advisory in Scotland and joint administrator of shopping centre owners Sapphire, added: “We are delighted to be able to bring this significant development to market. Over the past 22 months, substantial work has been undertaken by multiple stakeholders including South Lanarkshire Council to ensure that this development, as part of the 10-year masterplan, will generate transformative value for the town of East Kilbride and the local community.”
Mark Garmon-Jones, director of retail investment at Savills, which has been appointed to market the opportunity, said: “The redevelopment, guided by the masterplan endorsed earlier this year, is set to realign the town centre and its community, offering significant potential for short-term running yield improvement and long-term transformation of the asset as it is strategically repositioned.”
