£30m Development For Newton Mearns

8/6/09

Gleniffer Estates plc in partnership with Walker Group today (8th June) announced the acquisition of a 6.14 acre site to develop into a £30m Neighbourhood Centre in the heart of Newton Mearns.

Greenlaw Village, which will be developed in five phases, will feature retail, leisure and health centre accommodation located on a prominent site immediately to the east of junction 4 of the M77.

The purchase and the funding for the first phase of the development was provided by Clydesdale Bank’s Glasgow Financial Solutions Centre (FSC).

The first tenant, Tesco Express has already signed up for a 4,000 sq ft unit in phase one of Greenlaw Village which will feature a retail parade, a stand-alone restaurant and public square with an alfresco dining area.

A number of tenants have already been signed up for the 18500 sq ft retail parade and will be announced over the coming months. Several retail and restaurant units are still available for lease and range in size from 1,000 to 7,000 sq ft.

Building work will start later this week (June 14th) with Marshall Construction having been appointed as lead contractor, with construction due to complete on 1st March 2010.

Bryan Wilson, Managing Director of Glasgow-based Gleniffer Estates, paid tribute to Walker Group and funders Clydesdale Bank for their help in getting Greenlaw Village off the ground.

He said: “I would like to thank both Bruce Walker and Clydesdale Bank for having the vision to embark on this project in the current economic climate.  I would also like to thank East Renfrewshire Council and Elphinstone for their support during the initial design and planning process.

“Greenlaw Village will provide important local services to people in the Newton Mearns area and those using the M77 and will also create a significant number of jobs in both the hard-hit construction and retail sectors.”

Commenting on the deal, Gillian Clark, Corporate Partner at Clydesdale’s Glasgow FSC, said: “Gleniffer Estates has banked with Clydesdale since its inception and we are pleased to support them in this exciting development. 
“This deal shows that Clydesdale is keen to assist companies with strong business cases and positive growth potential. As a bank, we have always taken a prudent approach to lending and, for the right deal, funding is available.”

Mike Walker, Chairman of Walker Group, said: “We are delighted to be in partnership with Gleniffer Estates plc on this exciting development and are thrilled to have a big name like Tesco on board at this stage. We will have a number of other exciting announcements to make in the months ahead.”

Future phases of the development are likely to include an 8,000 sq ft health centre and a 7,000sq ft pub/restaurant. DTZ has been appointed selling agents.  

The site of Greenlaw Village was originally owned by a consortium led by Elphinstone  who sold it to Gleniffer Estates plc for an undisclosed sum.    
 
The development is prominently located immediately to the east of Junction 4 of the M77 which serves Newton Mearns and is part of a 120 acre greenfield redevelopment which will provide 480 new houses, a 400,000 sq ft business park, hotel, an upgraded park and ride at Patterton Station and Gleniffer’s mixed use development.