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Ayr shopping centres sold to London developers



Administrators have sold two shopping centres in Ayr town centre to developers for millions of pounds.
This could breathe a new lease on life into the area which has seen a lack of investment over the last few years.

A regeneration and development company from London, Squarestone, has bought the Kyle Shopping Centre and Arran Mall after it went into administration last year, BBC says.

The property consists of seven acres of inner city land with buildings measuring 125,000 sq ft. The Kyle Centre contains 30 shops and Arran Mall 23, with about 6,700 sq ft of office space.

The current tenants include New Look, Vision Express, Barrhead Travel and Bon Marche.

Paul Dounis, the joint administrator, said that they have worked hard to attract potential buyers by securing agreements and consolidating the existing agreements.

One of the partners of Squarestone, Robert Sloss, stated that the large site offers great regeneration opportunities. It offers the prospect for an important part of Ayr to once again become a vibrant community hub.

The redevelopment plan submission is envisaged for the end of this year.

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