Aberdeen-based West Coast Estates has acquired a seven-acre development site in St Andrews, Scotland, with consent for a 60,000 sq ft business park.
CGI of the planned Craigtoun Park development
The plans for the Craigtoun Park site include retail, office and business units in a range of sizes and uses to appeal to a mix of occupiers. The scheme will have an estimated completed development value of £25m.
West Coast said the site represented a rare development opportunity in St Andrews and would attract operators within the consumer and business-to-business sectors.
Discussions are progressing with several prospective occupiers, including a potential anchor tenant, it added.
West Coast director Iftikar Mian said: “The completion of the acquisition of Craigtoun Park is a significant moment for West Coast Estates as we continue to expand our focus on breathing new life into brownfield and underutilised sites across Scotland.
“Development opportunities of this scale in St Andrews are extremely rare and represent a fantastic opportunity for established operators as well as local businesses.”
Mian added: “The business park, which benefits from fully serviced plots in a highly visible gateway location into St Andrews, will complement St Andrews’ existing business ecosystem by attracting major new occupiers while also providing existing local businesses with an opportunity to expand into purpose-built, modern facilities that are within easy reach of the town centre.”
St Andrews is on the east coast of Fife, around 20 miles from Edinburgh. The development of Craigtoun Park coincides with the delivery of 1,250 new homes in the surrounding area.
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