The new owner of Eastgate Shopping Centre in Inverness has said it will continue with plans for a major revamp.
Eastgate – the biggest shopping mall in the Highlands – changed hands in August, with London-based shopping centre asset manager and developer Scoop teaming up with with Harbert European Real Estate Fund IV to buy it for £116million from BMO Real Estate Partners, formerly known as F&C Reit.
The shopping centre was put up for sale earlier this year, with a price tag of £120million.
F&C Reit had acquired it as part of a £250million deal including other sites just two years before.
Offering 410,000 square feet of retail and leisure accommodation as it is, the site also has planning consent for a further 50,000sq ft.
Last year, Highland councillors approved F&C REIT’s multimillion-pound plans to extend the centre 30ft out into Falcon Square, while making the building 23ft higher.
The scheme is expected to pave the way for five new restaurants and an eight-screen cinema, seating 1,100 people.
Eastgate is anchored by Marks and Spencer and Debenhams, with New Look, Next and Waterstones among the tenants.
It was built in two phases. Phase one opened in 1983 and was extended in 2002.
The centre now comprises some 80 shops and leisure units attracting about 9.4million people every year.
Scoop said it had identified the investment opportunity, undertaken pre-purchase commercial due diligence, identified suitable senior debt lenders and produced a detailed financial model and business plan for the asset.
The firm added it would also oversee various planned works of repair, while seeking to expand and improve leisure and catering facilities.