Property firm take over Hamilton Regent Shopping Centre earmarked for 'radical' redevelopment
A property developer has acquired Hamilton's Regent Shopping Centre for an undisclosed sum.
Tahir Ali, of national property development and asset management group Evergold, has had a series of "detailed discussions" with South Lanarkshire Council on the future of the town centre site which is part of a local authority masterplan to construct 450 new homes.
Occupying a dominant position in Hamilton town centre, the centre's positioning and scale means that it makes up a significant proportion of the town centre core.
The centre has been identified as a key site in South Lanarkshire Council's masterplan vision for the regeneration of Hamilton town centre to create a vibrant, accessible, and resilient town centre with a focus on living, leisure, healthcare and workspace as well as incorporating a significantly reduced retail element.
Radical plans include reducing the town centre's vacant retail spaces by more than two-thirds, building houses and creating new leisure uses including an urban park.
Lanarkshire Live previously reported that the sweeping changes would include knocking down both the Regent and New Cross shopping centres, repurposing or demolishing Bairds and the former Marks & Spencer, and creating a hotel or student accommodation on the site of Duke Street car park.
Evergold say the redevelopment of Regent Shopping Centre "would by far" be the largest and most important repositioning project identified in the council's masterplan.
Mr Ali said: 'We have already held a series of detailed discussions with South Lanarkshire Council and are looking forward to working closely with them, together with the current tenants, local community and key stakeholders, over the coming years to ensure the most productive use is continued to be achieved for this six-acre gateway site.
'The centre's previous owners have been judicious investors for Hamilton and continue to be through their ownership of the Palace Grounds Retail Park in the town centre.
'Our plans for the centre are aligned closely with the council's aim to have a diverse and sustainable mixed use town centre that not only serves its immediate catchment but also becomes a vibrant hub for the wider region.
'Over the coming months and years, we will explore the many ways that can be achieved."
Alison Brown, Head of Enterprise and Sustainable Development at South Lanarkshire Council, said: 'As a council we have been in dialogue with Mr Ali for some months in respect of delivering the ambition of the Hamilton Town Centre Masterplan. We look forward to continuing to work with him as we move forward.'
Evergold have instructed Calvin Molinari from Shepherd Chartered Surveyors to deal with new letting enquiries.
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