Study reveals Lomondgate project has so far outperformed expectations, says Bob Serafini
A new economic impact study shows that the Lomondgate project near Dumbarton has already achieved its objective of regenerating the area, effectively redeveloping the entire footprint of the former J&B whisky bottling plant and actually creating more jobs than were lost when the factory closed in 2000.
While no one is suggesting this 120 acre mixed-use development is yet complete, the fact is that the equivalent of 688 full time equivalent direct jobs have replaced the 470 losses when the closure decision was announced.
Private sector investment has topped £83 million, with big ticket commitments by power generation firm Aggreko and the BBC studios, there has been £30m worth of new housing, taking up all the consent for 345 new homes, and the contribution in terms of gross value added (GVA) to the local economy is £263m.
A total of 68.5 acres of land has been developed or in development, and 380,000 sq ft of floor space created – half of it manufacturing, 21 per cent leisure and 29 per cent for the broadcaster.
The study by Peter Brett Associates for Strathleven Regeneration Company will be welcomed by development partner the Walker Group and comes at a time when the roadside services element of the scheme is roaring ahead.
The UK’s fastest growing forecourt operator Euro Garages is reportedly selling 160,000 litres of fuel a week from its first Scottish venture alongside the A82 road to Loch Lomond. It certainly raises the question of where the HGV guys busy filling up here went before this opened last year.
As David Hastings, chief executive of Strathleven, points out, this is becoming something of a theme for Lomondgate services: “Every business that has come onto the site has done better than it thought it was going to do. Where there is physical scope for expansion, such as the Premier Inn hotel, they are seeking to do it, with a planning application to extend to another 21 bedrooms. There is also an accompanying Malt & Myre pub restaurant.
“Anecdotally, we also understand when Costa coffee opened (the first drive thru in Scotland), they were trading at 25 per cent above their own projections.”
Mike Edward, development director of Walkers, said the petrol station – justifying the claim to offer real “roadside services” on this busy route to Loch Lomond – enjoyed good partnerships with the retailers it had brought to the location. These include Spar, Greggs, and Subway, who are all trading well, and Starbucks on-the-go, as well as a couple of ATM providers.
The latest addition off the landmark roundabout is a new diner, Jaconnelli fish, no mean fish and chips operation but a quality takeaway and 56 seat restaurant sourcing grilled fish, scallops, langoustines and ingredients for its Cullen skink fresh from the boats at Peterhead. Think the standard of Catch at Giffnock.
Inevitably, attention focuses on the next big trick, with 19 acres of a large flat site awaiting development. Hastings is honest enough to say that a traditional business park, with 10 or 12 office pavilions envisaged in the plan before the recession, is unlikely to happen here, but they are pursuing another anchor which they believe could be a bit of a game-changer. Clean manufacturing with substantial office space, aka their Aggreko neighbours, is a possibility.
Edward is also talking confidently about occupiers for a 2.5 acre site next to the essential roadside developments.
The developer is understandably cautious but reports early interest from a potential farm shop type operator and has commissioned property advisers Cushman & Wakefield to promote the site for a kind of visitor tourism facility – sounds a bit like a search for a House of Bruar in miniature.
What is probably undeniable is the sense of some visitor information and orientation that would help not only people heading for Loch Lomond and the national park but also promote local attractions such as Dumbarton Castle.
“Loch Lomond, as one of Scotland’s most popular natural attractions, has always underperformed in terms of visitor stay and visitor spend,” said Hastings.
Both men are unperturbed by the development opportunities being offered by Scottish Enterprise around the loch waterfront and think their offer is complementary.
In brief
Landmark west coast hotel for sale
A landmark hotel in a picturesque west coast fishing village is up for sale due to retirement of the current owners after 20 years. The Carradale Hotel, on the Kintyre peninsula overlooking Arran, has nine bedrooms, restaurant and two bars, as well as a lounge, conservatory, and private gardens. The hotel, which trades from Easter to October, is valued at £300,000 by agents Colliers International.
Ness for Aberdeen
Independent Scottish retailer Ness has taken a 10 year lease on a 1650 sq ft ground floor shop unit within the Bon Accord & St Nicholas shopping centre in Aberdeen. It will pay an annual rental of £96,500 for space in the 100 store mall, owned by landlord BMO Real Estate Partners.
Scent of success for Edinburgh
Arran Aromatics is to relocate to a prime location on Edinburgh’s George Street, expanding its offering and enhancing visibility. The retailer, which manufactures its own hand-finished scented products has taken 1609 sq ft on a 10 year lease at a rental of £150,000. Cushman & Wakefield acted for landlord DTZIM.
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