Corran has provided a full Development and Asset Management role on behalf of Aberdeen Standard Investments since 2010. Inshes Retail Park was an underperforming secondary retail park with a poor tenant mix and vacant units. We identified the opportunity and orchestrated all acquisition due diligence on behalf of the client.
We devised a strategy to revitalise the park. In phase 1 this included:
- Refurbishment of a vacant 11,500 sq ft unit followed by a letting to Hobbycraft
- Obtaining planning permission before selling a vacant plot to Aldi
- Coordinating the integration of the park with the adjacent Tesco superstore through the development of a Dobbies garden centre.
- The development of a 41,000 sq ft unit let to Dunelm Plc
Along with improvements to the public realm and car parking these initiatives served to increase footfall, enabling us to embark on phase 2. This comprised:
- Development of a 22,000 sq ft unit, let to B&M Retail
- Development of a drive-thru restaurant unit let to McDonalds
The final phase is scheduled for completion in Autumn 2020, a new Costa Coffee restaurant and drive-thru.
Dell of Inshes
Acquired by Scottish Widows Investment Partnership Property Trust at the same time as Inshes Retail Park, the land at Dell of Inshes represents a logical expansion opportunity for the Inshes District Centre.
The 12 acre site is allocated in the adopted Highland-Wide Local Plan for mixed-use development and, following an extensive public consultation exercise, a planning application was submitted to Highland Council in November 2013. Planning permission was granted by Scottish Ministers in January 2017.