Cumbernauld in Scotland could see one of the UK's biggest retail park schemes under plans to redevelop a 64 acre (25 ha) brownfield site close to the town.
Scottish property company Halladale has formed a joint venture with the Carlyle Group to redevelop the town's OKI electronics plant. Under the terms of the deal, the developers will build a 200,000 sq ft (18,580 sq m) production and office facility for OKI on 13.5 acres (5 ha) of land, with an option to buy the remaining 50.5 acres (20 ha) of the site in phases for a consideration in excess of£20 million.
Plans for the land include up to 330,000 sq ft (30,655 sq m) of new retail warehousing.
North Lanarkshire Council has already granted OKI planning permission for the total development, which represents one of the largest retail warehousing planning consents in Scotland.
The site is located a mile to the northeast of Cumbernauld on the main A80 Glasgow to Stirling dual carriageway.
Halladale chief executive David Lockhart said: 'This is probably the last planning consent for a major retail park that will be granted in Scotland and offers scope to bring first-rate retailers to Cumbernauld.'
Culverwell acted for Halladale. Carlyle and Atis Real Weatheralls advised OKI.