Town centre retail investment and development opportunity in Ayr
Administrators Begbies Traynor, jointly with Valad Europe, are marketing the Kyle Shopping Centre in Ayr, the nearby Arran Mall and an adjacent development site in Carrick Street.
The shopping centres and development site, owned by Glasgow-based Cairnduff Developments Ayr Limited, were placed in the hands of joint administrators Paul Dounis and Ken Pattullo of Begbies Traynor in June 2013. They have continued to trade as normal whilst the administrators reviewed the businesses.
Located in the heart of the town with direct access from the high street, the Kyle Centre features 30 shop units, comprising approx 76,000sq ft of retail space. As well as benefitting from adjacent parking, it has a newly redeveloped food court. The nearby Arran Mall features 23 units providing 42,000sq ft of retail space together with 6,760sq ft of office space. The 0.28 acre site on Carrick Street is currently used as a town centre car park for 50 vehicles, but is suitable for development for a range of uses, including as a two storey extension to the adjacent Kyle Centre.
The three adjacent sites, totalling 6.83 acres, are available for sale or development as a portfolio or separately. All sites have potential for reconfiguration and redevelopment and there is significant opportunity to structure the development or sale to suit the interests of a purchaser.
South Ayrshire Council supports the sale or redevelopment of the sites in line with its objectives of re-establishing Ayr town centre as a premier shopping and leisure destination and attracting new investment. Furthermore, as part of a review of its own office accommodation, Arran Mall may be a possible site for relocation.
Paul Dounis of Begbies Traynor said: “Over the last six months, we have consolidated many of the existing tenancies, securing agreements with key tenants such as New Look, Bon Marche and Vision Express. With a more certain income stream for potential purchasers, we are now in a position to bring the sites to market and explore options for a sale.
“While over the last few years both shopping centres suffered from the fall in consumer spending, combined with increased competition from other retail venues, we believe that with their excellent town centre locations, they still have great appeal for local shoppers and the three adjacent sites offer huge potential for redevelopment, particularly when considering the objectives of Ayr Renaissance to regenerate Ayr town centre in the near future.
“Already, close to 50 potential purchasers have expressed an interest and the fact that the council is on board further strengthens the redevelopment opportunities. Our focus will be on finding a purchaser who is able to optimise the strengths of the shopping centres, providing an enhanced customer experience and a brighter, more secure future for tenants.”
To find out more, contact the agents, Steven Muir or Graham Blackstock of Valad Europe, on 0131 659 1660.
Ken joined the Glasgow office of Begbies Traynor in 2003, before overseeing the firm's expansion into further offices in Edinburgh, Dundee, Aberdeen and Belfast. He previously worked at KPMG, Ernst & Young and PricewaterhouseCoopers in Scotland. He has a broad range of experience in Corporate Rescue and Recovery, as well as in turnaround and restructuring, corporate and personal insolvency, investigations and IBRs.
Specialisms: Licensed trade, haulage, property investment/development, construction, agriculture engineering/manufacturing.