£10m new ‘retail terrace’ confirmed for Edinburgh
A 25,500 sq ft new ‘retail terrace’ at Straiton Retail Park has been given the green light from Midlothian council, with a planned £10 million investment by Peel Retail Parks, part of Peel Land and Property (Peel L&P).
The new glass-fronted building will sit fronting Straiton Road and will house up to 11 new tenants, with Greggs, Starbucks, Card Factory and Archers Sleep Centre already confirming spaces within the units.
Peel Retail Parks, who own and manage the 260,000sq ft site, says the new offering will enhance the shopping experience at the park, which already has a retail line up including Next, Sofology, Nike, M&S and Nandos.
The scheme is being funded through a development facility from Royal Bank of Scotland’s corporate banking team.
With an annual footfall figure of more than 7 million visitors, Peel L&P says it’s confident the new development, situated directly on the A720 City of Edinburgh Bypass, will be well received by customers both locally and in the wider Edinburgh area.
Construction work is due to start in Summer 2019, with a 33-week build period and store opening dates to be confirmed in due course.
Leah Taylor, Development Manager at Peel Retail Parks, part of Peel L&P, said: “This is fantastic news for Straiton Retail Park and its customers. In recent years, we have seen the park go from strength to strength with an ever-increasing number of shoppers visiting us each year.
“The high specification retail terrace, with additional parking, adds a further attractive retail offering to this already successful park, providing shoppers with a more diverse shopping experience. We’re in very advanced negotiations with a number of national retailers for the remaining units.”
Duncan Mayall, Relationship Director at RBS, said: “Peel Retail Parks’ investment into Straiton Retail Park, will enhance the local area, support the regional economy and create a number of new jobs in the process. We have a long relationship with Peel, having supported many of their activities, and we are really pleased to be working with the team at Peel Retail Park on their investment.”