Savills IM has announced the completion of the final phase of a major redevelopment at St Catherine’s Retail Park in Perth, Scotland. This latest phase, which started last October 2017, included the demolition of a 37,000ft² warehouse formerly occupied by B&Q and the redevelopment of 45,000ft² of retail warehousing. The tenant diversification, overall appearance of the park and the pedestrian link to the nearby Perth city centre have all been significantly improved by the development.
Among the latest addition to the park's roster are TJX UK (trading as Homesense), Tapi Carpets and Floors Ltd, which have signed leases for 10,000ft² units in the new 45,000ft² development and have already successfully opened for trade. A further 15,000ft² is under offer to another retailer, with only one remaining 10,000ft² unit available to let.
Savills IM manages the retail park on behalf of EPISO Boxes GP Limited, which purchased the park in September 2009. The asset management projects carried out at the retail park since 2009 include the facelift of all units, the rightsizing of several units and the development of two new units. Planning permission also exists for a further two units at the park. Tenants introduced to the park since 2009 include The Range, Home Bargains, Bensons for Beds, Pagazzi Lighting, Costa and Greggs.
James Charlesworth, Portfolio Manager, Savills IM, commented: “We are delighted that this final phase of redevelopment, which looks fantastic, has been completed with minimal delay despite the particularly adverse weather conditions seen over the winter. We have modernised the park and improved its tenant mix, reinforcing its dominance in the city and making it a highly attractive and vibrant destination for shoppers.”