Retail Property - Glasgow's Fort Park signs £4m pre-lets

Next, Arcadia, Virgin, Boots, Argos and JJB Sports have signed pre-lettings at the planned Glasgow Fort Shopping Park to the east of Glasgow, which is set to become Scotland's biggest retail park.

Although completion of the 32,500 sq m first phase is not due until autumn next year, more than 15,800 sq m is pre-let, which means that£4 million of the projected£9 million rent roll has already been secured.

Pillar Property and Capital & Regional have only just completed their site assembly on the 36 ha site at junction 10 of the M8 east of Glasgow. The complex deal with Glasgow City Council involved a land swap of the new site, known as Auchinlea Park, with the existing 8,000 sq m Junction 10 retail park, with a top-up payment of£25 million.

Pillar Property director Valentine Beresford said: 'Glasgow Fort Shopping Park will be the city's first shopping park and represents a major regeneration initiative for the Auchinlea area.'

Montague Evans advised the joint venture in its negotiations with Glasgow City Council.