Savills Investment Management, the international real estate investment manager, has commenced a major redevelopment phase at St Catherine’s Retail Park in Perth, Scotland, which it manages on behalf of EPISO Boxes GP.
Savills Investment Management have commenced the demolition of unit 8 at the retail park (37,000 ft²), formerly occupied by B&Q, and will redevelop 45,000 ft² of retail warehousing. Agreement for Leases have been signed with Homesense (TJX UK) and Tapi Carpets and Floors Ltd both for 10,000 ft² units. Letting options are currently available between 5,000 and 15,000 ft² for the remaining floor space.
The redevelopment will increase tenant diversification across the park, dramatically improve the overall appearance and provide an enhanced pedestrian link to the nearby Perth city centre. It is the fourth redevelopment phase at the retail park since it was purchased by EPISO.
James Charlesworth, Portfolio Manager, at Savills IM, commented: “Following three previous successful phases, this is the last phase of the refurbishment of St Catherine’s Retail Park. This latest initiative will further update and improve the tenant mix and reinforce its dominance in the city as a modern and vibrant destination retail park.”
The development work is due to commence in October this year and will complete during Q2 2018.
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 additional floorspace. Tenants introduced to the park include; The Range, Home Bargains, Maplin, Bensons for Beds, Pagazzi Lighting, Costa, and Greggs. Other tenants at the park include Dunelm, Halfords and Carpetright.
