The mammoth Glasgow Fort retail warehouse development has moved a step closer.
Capital & Regional and partner Pillar Property have acquired the site for Glasgow Fort - destined to be Scotland's largest retail park after Fort Kinnaird on the outskirts of Edinburgh - from Glasgow City Council for£25 million.
The purchase means construction can now begin on the scheme, the UK's only shopping park with direct motorway access, which is attracting keen interest from retailers.
Culverwell partner Drew Waddell, who represents retailers that have taken space at the scheme, said: 'Glasgow Fort has a remarkable level of pre-lets considering it has barely come out of the ground.' The scheme is not due to open until the end of next year.
Montagu Evans partner Martin Gudaitis, who is letting the scheme jointly with Harvey Spack Field and Fisher Wilson, said 60 per cent of Glasgow Fort's 27, 870 sq m available floorspace has been pre-let.
'We are pleased with the progress so far,' said Gudaitis.
Rents for units up to 2,325 sq m are quoted at£25 per sq ft. With the bulk of these pre-let, attention is shifting to smaller units of up to 325 sq m which are aimed at traditional high street retailers, and are quoted at£40 per sq ft.
Morrisons has acquired the nearby Junction 10 retail park site from Glasgow City Council, where it plans to open a 12,080 sq m supermarket. Morrisons is believed to have paid£26 million for the site.
The two developments are seen as increasing the retail offer east of Glasgow.