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London-based developer secures Ayr shopping malls purchase

TWO shopping centres in Ayr that fell victim to the consumer spending downturn have been sold to new owners 22 months after going into administration.

London-based developer Squarestone has bought the Kyle Shopping Centre in Ayr, the nearby Arran Mall and an adjacent development site in Carrick Street in what is described as a "multi-million pound" deal.

They had been owned by Glasgow-based Cairnduff Developments Ayr Limited.

Administrator Paul Dounis of accountancy firm Begbies Traynor, said: "Since last summer, we have worked hard to make the shopping centres more attractive to potential purchasers, consolidating many of the existing tenancies and securing agreements with key tenants.

"This deal is great news for Ayr."

The Kyle Centre has 30 shops and a newly-redeveloped food court. The nearby Arran Mall features 23 retail units and office space.

Current occupiers of the centres include Bon Marche, New Look, Barrhead Travel, Shoezone and Vision Express.

The centres had been struggling to compete with local competitors including the Ayr Central shopping centre and Silverburn in Pollok, Glasgow.

This is the first UK retail investment for Squarestone, whose interests include London offices and retail property schemes in Brazil.

Meanwhile, property giant British Land yesterday announced it had sold the St James Retail Park in Dumbarton, West Dunbartonshire, to the Legal & General Property Unit Trust for £45.75m.

The park's tenants include Asda and M&S Simply Food.

Contextual targeting label: 
retail

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